Premiumlands Corporation (PLC) and Industrial Holdings and Development Corporation (IHDC), both owned by Francis Lloyd Chua, are launching a ₱255 million tender offer for minority-held shares of Asiabest Group International Inc. (ABG).
According to a disclosure filed with the Philippine Stock Exchange (PSE), ABG confirmed the planned tender offer, referencing a share purchase agreement between Tiger Resort Asia Limited (TRAL) and PLC.
PLC and IHDC are offering to purchase up to 100 million common shares of ABG, representing 33.33 percent of the outstanding common capital stock, at a price of ₱2.552 per share. This tender offer precedes their acquisition of 66.67 percent of ABG for ₱510.4 million. The tender offer period is scheduled from March 10, 2025, to April 7, 2025.
Following the tender offer, PLC intends to transform ABG into a comprehensive, end-to-end infrastructure business group.
ABG will transition from a holding company to one with operating subsidiaries, forming this integrated infrastructure group. A follow-on offering of ABG shares is planned within one year of the acquisition's completion.
This transaction allows PLC to acquire a listed platform (ABG) to consolidate its infrastructure assets and businesses. Controlling ABG enables PLC to execute its planned asset infusion, transforming ABG from a dormant shell company into a holding company with revenue-generating subsidiaries.
Chua plans to consolidate his interests in related infrastructure entities, fostering synergies and competitive advantages. The group's value proposition lies in its vertically integrated structure, spanning from raw material extraction and processing to finished products.
PLC's business plan for ABG involves two stages. The first involves acquiring Kabalayan Housing Corp., a wholly-owned PLC subsidiary, and infusing land assets into Kabalayan for its mass housing projects.
The second stage focuses on consolidating IHDC's operating subsidiaries involved in manufacturing, logistics, and construction, including Concrete Stone Corporation, Industry Movers Corporation, and a minority stake in EEI Corporation.