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Manila Bulletin devider Business devider The Stock Market devider Francis Chua to build ₱1.3 billion plant after taking over Asiabest

Francis Chua to build ₱1.3 billion plant after taking over Asiabest

Published Aug 13, 2025 02:35 pm
Concrete Stone Corp., an Asiabest Group affiliate, inks partnership with GETO New Materials. From Left to Right: Concrete Stone Corp. Chairman Francis Lloyd Chua; Special Assistant to the President for Investment and Economic Affairs, Secretary Frederick Go; & GETO International General Manager Lian Jie.
Concrete Stone Corp., an Asiabest Group affiliate, inks partnership with GETO New Materials. From Left to Right: Concrete Stone Corp. Chairman Francis Lloyd Chua; Special Assistant to the President for Investment and Economic Affairs, Secretary Frederick Go; & GETO International General Manager Lian Jie.
Construction tycoon Francis Lloyd Chua has taken over the chair of the board of directors of Asiabest Group International Inc. and replaced the Japanese directors representing the Okada Group’s Tiger Resort Asia Ltd.
This comes after Chua’s Premiumlands Corp. (PLC) acquired control over Asiabest from Tiger Resort as the corporate vehicle for its backdoor listing exercise.
In a disclosure to the Philippine Stock Exchange, Asiabest said its board has accepted the resignation of directors Hajime Tokuda, Kentaro Amamoto, and Takako Okada, as well as independent directors Jorge Alexander Bernas and Mark Jorel Calida, effective Aug. 8, 2025.
Elected in their place are Chua as chairman and president, Maria Rita Pueyo as Treasurer, and Rus Kristoffer Parcia as independent director. Jan Michael Lim, Aldredo Comendador, and Noel Jesus Santiago were elected as new directors.
Asiabest will be transformed by PLC into an end-to-end infrastructure business group that encompasses the entire industry ecosystem. ABG stated it will remain a holding company but will eventually establish operating subsidiary companies that will constitute its comprehensive infrastructure group.
Meanwhile, Asiabest-affiliated Concrete Stone Corp. (CSC) announced that it has partnered with Jiangxi GETO New Materials Corp. Ltd. (GETO), a global formworks solutions provider from China, to develop a ₱1.36 billion state-of-the-art manufacturing facility in Mariveles, Bataan.
The partnership shall oversee the development of a 40,000-sqm industrial property alongside the construction of a warehouse and manufacturing facility.
This venture will be implemented through two new corporations: CSC-GETO Realty Corp. (CGRC), which shall manage the property, and GETO-CSC Formworks, Inc. (GCFI), which shall operate the formworks manufacturing facility.
The manufacturing plant will produce advanced formwork systems to meet the rising demand in the Philippine construction and infrastructure sectors.
Through GETO, the plant will have access to world-class technology, expertise, and equipment. Meanwhile, CSC will contribute prime land and operational leadership, complemented by resources from Asiabest Group International, Inc. (ABG), as CSC is set to become its subsidiary in the second quarter of 2026.
“We are setting the stage for a transformative industrial project that will boost local employment, enhance construction efficiency,” said Chua, who is the chairman of CSC.
He added that, “More importantly, we are working hand in hand with the government to address the nation’s housing needs.”
GETO International General Manager Lian Jie said “Our partnership with CSC will not only introduce our cutting-edge formworks systems, but also establish a production hub that can serve the broader ASEAN region.”
The landmark Memorandum of Agreement was formally signed on Aug. 12, 2025 and was witnessed by Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs.
The project is expected to create significant economic impact in Bataan, including the generation of new jobs, the transfer of advanced building technologies, and the strengthening of local supply chains, while directly supporting the national government’s housing and infrastructure programs.

Related Tags

Frederick Go Francis Lloyd Chua Premiumlands Corporation Asiabest Group International Inc. Concrete Stone Corporation
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