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Manila Bulletin devider Business devider The Stock Market devider Asiabest plans major fundraising to transform into infrastructure firm

Asiabest plans major fundraising to transform into infrastructure firm

Published Sep 3, 2025 12:08 pm  |  Updated Sep 3, 2025 01:08 pm
In line with its transformation into an infrastructure conglomerate, Asiabest Group International Inc. is offering shares worth up to ₱24.66 billion and acquiring the infrastructure and real estate companies of its chairman, Francis Lloyd Chua, for ₱15 billion.
In a disclosure to the Philippine Stock Exchange, the firm said its board of directors has approved the amendment to Asiabest’s articles of incorporation in order to increase its authorized capital stock to ₱3 billion from ₱600 million.
The new shares created will be used to acquire Chua’s Concrete Stone Corporation (CSC), Industry Movers Corporation (IMC), and Kabalayan Housing Corporation, as well as other real properties or assets worth a total of ₱15 billion.
Prior to this, Asiabest will subscribe to 10 million primary common shares of CSC at a discounted price of ₱15.00 per share, for a total of ₱150 million to provide working capital to CSC and in line with the Corporation’s plan to fold in CSC as its subsidiary.
In exchange for the assets, Chua’s Industry Holdings and Development Corporation (IHDC) and Premium Lands Corporation (PLC) will subscribe to up to 600 million new Asiabest common shares at an issue price of ₱25 per share.
The capital increase will also allow Asiabest to undertake its planned follow-on offering of 300 million up to 620 million primary common shares. The capital hike is still subject to approval by stockholders and the Securities and Exchange Commission.
“It was further approved to recommend to the stockholders to approve the delegation of the authority to determine the issue price and the final number of shares to be issued to the Board of Directors, as the Board deems fit,” Asiabest said.
Asiabest will also be raising fresh funds via private placement of up to 300 million common shares to be issued from the Company’s existing authorized but unissued shares payable in cash, in one or more tranches.
Asiabest was acquired by PLC for the backdoor listing of Chua’s businesses which will transform it into an end-to-end infrastructure business group that has the whole ecosystem of the industry.
ABG said earlier that it will remain a holding company but will eventually have operating subsidiary companies which will form its end-to-end infrastructure group.

Related Tags

Asiabest Group International Inc. Francis Lloyd Chua Concrete Stone Corporation Premium Lands Corporation Industry Holdings and Development Corporation Kabalayan Housing Corporation Industry Movers Corporation
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