Century's petition vs Okada group OK'd by court

Posted at 04/02/2014 5:24 PM

MANILA, Philippines – The Makati Regional Trial Court has granted the petition of Century Properties Group Inc. for a 20-day temporary order of protection it filed against the group of Japanese billionaire Kazuo Okada.

The court has also ordered the Okada group to refrain from terminating the investment agreement signed by both parties.

The Okada group is also ordered to refrain from dealing with any other party for the development of the luxury residential and retail properties in Entertainment City and to produce all documents and information that Century Properties needs to complete its due diligence.

Century Properties and Okada’s Eagle I Landholdings Inc., Eagle II Holdco Inc., and Brontia Limited are in a dispute after the agreement for the local developer to be a real estate partner in Manila Bay Resorts was terminated by the Okada group.

Century Properties opposed the termination and sought protection from the court to allow it to continue with the project.

Last November, Century had entered into an investment agreement with Eagle I whereby Century will be issued with 432,000,000 preferred shares, representing 36% of Eagle I's pro forma capital stock. Eagle I owns the site for Universal's casino project at Entertainment City.

Century had also partnered with the Okada group to develop luxury residential and retail properties at the Entertainment City.

It had signed a memorandum of agreement with the Eagle I Landholdings, Inc. to develop 5 hectares of land within a 44-hectare site. It planned to develop luxury residential and retail properties on the site.