Businessman Francis Lloyd Chua’s Premiumlands Corporation (PLC) and Industrial Holdings and Development Corporation (IHDC) have finally kicked off the P255 million tender offer for a third of the capital of Asiabest Group International Inc. held by the public.
In a disclosure to the Philippine Stock Exhcange, Asiabest said the mandatory tender offer started on April 14, 2025 and will end on May 16, 2025 with the accepted tender offer shares to be crossed through the PSE on or before May 28, 2025 while settlement with be no later than May 30, 2025.
Chua is seeking to acquire 100 million ABGI shares at a tender offer price of ₱2.552 per share as mandated by the Securities Regulation Code after acquiring 66.67 percent (200 million shares) of ABGI from Tiger Resort Asia Limited.
After the tender offer, Asiabest will be transformed by PLC into an end-to-end infrastructure business group that has the whole ecosystem of the industry.
ABG said it will remain a holding company but will eventually have operating subsidiary companies which will form its end-to-end infrastructure group.
Once the backdoor listing of Chua’s infrastructure assets is completed, ABG is also planning a follow-on offering of its shares within one year from the completion of the acquisition.
The purpose of the transaction is for PLC to acquire a listed platform, ABG, where it can infuse and consolidate assets and businesses in order to create the infrastructure business group.
By acquiring control and ownership of ABG, PLC will have the authority to execute the planned asset infusion and consolidation into ABG, which will result in the listed issuer, ABG, transitioning from a dormant shell company into a holding company with subsidiaries that operate and generate recurring and ongoing revenue and income.
Chua plans to infuse and consolidated his interests in related entities operating in the infrastructure industry that work together to create synergies and competitive advantages for the group.
The value proposition of PLC working as a group is the vertically integrated nature of its organization that begins with raw materials extraction and processing on one end and finished products on the other end.
PLC’s proposed business plan for ABG shall be separated into two major stages starting with the acquisition of Kabalayan Housing Corp., a wholly-owned subsidiary of PLC, and the initial infusion of several land assets located in different provinces into Kabalayan to be used for the operationalization and development of PLC’s Kabalayan Mass Housing Projects.
The second part consists of the consolidation of the interests and operating subsidiaries of IHDC involved in manufacturing, logistics and construction.
These include Concrete Stone Corporation, Industry Movers Corporation, and its minority interest in EEI Corporation.