Premiumlands Corp. is offering to buy out the minority shareholders of Asiabest Group International Inc. in a tender offer valued at P255.2 million, a move that would grant the privately held real estate developer full ownership of the company, which was previously controlled by Tiger Resort Asia Ltd.
In December 2024, Tiger Resorts, the operator of Okada Manila, sold its entire 66.67 percent stake in Asiabest for P510.4 million, or P2.552 per share. The sale marked a significant loss for Tiger Resorts as it exited a company that has not been operational since 2017.
Asiabest last traded on the Philippine Stock Exchange at P21 per share on December 16, 2024, just days after Tiger Resorts announced its decision to divest from the company. As of September, its total assets were valued at P252.6 million.
On Wednesday, Asiabest notified the stock exchange that Premiumlands had plans to launch a tender offer, which will run from 10 March 2025, to 17 April 2025. This offer would provide a means for minority shareholders to sell their shares to Premiumlands.
Under Philippine Stock Exchange regulations, listed companies are required to maintain a free float of at least 20 percent. Companies that fall below this threshold risk being delisted from the exchange.
The bulk of remaining shares of Asiabest, formerly known as AGP Industrial Corp., are held by a group of institutional investors, including Standard Chartered Bank, First Metro Securities Brokerage Corp., COL Financial Group Inc., BDO Securities Corp., AP Securities Inc., and Belson Securities Inc.
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