Court junks Century petition vs Okada group

Posted at 05/19/2014 6:22 PM

MANILA, Philippines - Century Properties Group Inc. lost its bid to stop the group of Japanese billionaire Kazuo Okada from terminating its deal over a project in Entertainment City.

In a disclosure to the stock exchange, CPGI said the court has issued an order last May 13 "denying and dismissing the Petition for Interim Measures of Protection."

"As of date, CPGI is studying its legal options concerning their transaction with the Okada Group," the company said.

Last April, the court granted CPGI had a 20-day temporary order of protection against the Okada group.

Century Properties and Okada’s Eagle I Landholdings Inc., Eagle II Holdco Inc., and Brontia Limited are in a dispute after the Okada group terminated its agreement with the Antonio family-led developer to be a real estate partner in Manila Bay Resorts.

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.