TOKYO, Nov. 1, 2013 (GLOBE NEWSWIRE) -- On October 31, 2013, Eagle I Landholdings, Inc., one of Universal Entertainment Corporation's group companies that owns land in the Philippines, signed an agreement that two Philippines business partners will hold voting preferred shares which Eagle I will issue. Following is the summary of this agreement.
1. Overview
Eagle I Landholdings, Inc., one of Universal Entertainment Corporation's group companies that owns land in the Philippines, signed an agreement with two Philippines business partners, Century Properties Group, Inc. and First Paramount Holdings 888, Inc. that these two companies will hold 720,000,000 voting preferred shares that Eagle I will issue.
2. Purpose
This issuance of 720,000,000 voting preferred shares results in more than 60% of Philippines national ownership of Eagle I, and this agreement will create a more favorable situation in response to the land ownership requirements.
Also, as part of this agreement, Eagle I and Century Properties Group, Inc., a leading public real estate developer in the Philippines focused on luxury developments behind key projects such as the Trump Tower in Manila, the first Forbes Office Tower in the world, Versace and Missoni condominiums, along with working with key architects such as Pei Cobb Freed and Daniel Libeskind, entered into a development agreement to develop residential and shopping center on 5 hectares, within the 44 hectares development called Manila Bay Resorts.
3. Overview of Capital Tie-Up with Two Business Partners
A) Partner's Name: Century Properties Group, Inc. (Real Estate Developer)
Shares issued: 432,000,000 shares (60% of the newly issued voting preferred shares)B) Partner's Name: First Paramount Holdings 888, Inc.
Shares issued: 288,000,000 shares (40% of the newly issued voting preferred shares)
4. Impact on Business Results and Future Outlook
The impact of this agreement on the financial forecasts of the Company will be minimal. We will make an appropriate disclosure if any future events occur, such as the determination whether it is categorized as a subsidiary or not.