Asiabest Group International Inc. (AGI), the shell company acquired by construction tycoon Francis Lloyd Chua, is seeking shareholder approval to fold in infrastructure and real estate assets at a valuation significantly lower than initially projected.

In a statement, the investment company said it will ask investors on Aug. 11 to approve the acquisition of Industry Movers Corp. and Kabalayan Housing Corp. for a combined ₱4.7 billion to ₱5.1 billion, roughly a third of the ₱15 billion valuation disclosed to the Philippine Stock Exchange last year when Chua took control of the firm.

The transactions form the centerpiece of Chua’s strategy to transform the dormant holding firm into an integrated infrastructure, logistics, and housing platform.

Under the updated terms, Asiabest will issue new common shares in exchange for the assets or their underlying businesses.

Maritime logistics provider Industry Movers is valued between ₱3.9 billion and ₱5.5 billion, equivalent to 156 million to 220 million shares.

Mass-market builder Kabalayan Housing is appraised at ₱800 million to ₱1.2 billion, representing 32 million to 48 million shares. Final pricing remains subject to independent third-party appraisals and regulatory clearances.

Under the previous plan, Chua’s closely held vehicles, Industry Holdings and Development Corp. and Premium Lands Corp., were slated to subscribe to as many as 600 million new Asiabest common shares at ₱25 each.

“The proposed vend-in represents another important milestone in ABG's transformation,” Jan Michael Lim, Asiabest investor relations officer, said, using the company's stock ticker symbol. 
“We are bringing together complementary businesses under the ABG platform while creating a strong organization with the capabilities to participate across multiple segments of the infrastructure and property value chain,” he added.

The restructuring comes as Chua consolidates his industrial portfolio. The acquisition of Industry Movers adds a nationwide shipping and marine logistics fleet capable of handling bulk cargo, dredging, and crane operations.

Kabalayan Housing provides land banks earmarked for affordable residential and modular construction projects in tandem with local government units and private landowners.

These businesses will anchor Asiabest’s recent push into precast manufacturing. The holding company recently boosted its capital injection into its wholly owned subsidiary, ABG Modular Development Corp., which specializes in prefabricated concrete structures.

Alongside the asset infusions, shareholders will vote on a proposal to increase Asiabest’s authorized capital stock to accommodate the share issuances and fund future expansion. (James A. Loyola)