Asiabest Group International Inc. is raising up to P24.66 billion as it accelerates its transformation into a full-fledged infrastructure and real estate player. The move marks a major step in the company’s strategic pivot under the leadership of chairman Francis Lloyd Chua.
In a stock exchange disclosure, Asiabest said it is increasing its authorized capital stock fivefold to 3 billion shares from 600 million, with the new shares intended to fund key acquisitions and a public offering.
Asiabest is acquiring Chua’s infrastructure and real estate firms — Concrete Stone Corp., Industry Movers Corp., and Kabalayan Housing Corp. — as well as other assets collectively valued at P15 billion. In exchange, Chua’s Industry Holdings and Development Corp. and Premium Lands Corp. will subscribe to 600 million new Asiabest shares at P25 per share.
The capital hike will also support a planned follow-on offering of 300 million to 620 million primary common shares, expanding Asiabest’s financial capacity for upcoming projects. The capital increase remains subject to shareholder and SEC approval.
Additionally, Asiabest will subscribe to 10 million primary shares of Concrete Stone at a discounted P15 per share, providing working capital in preparation for its integration as a subsidiary.
This restructuring follows the lifting of the trading suspension on Asiabest shares by the Philippine Stock Exchange on August 8, after Chua acquired 66.67 percent of the firm in December from Tiger Resorts Asia Ltd.
“Asiabest is entering a new era,” Chua said, highlighting plans to contribute to mass housing, infrastructure, and sustainable development. “Through this listing, we gain a stronger platform to help improve the quality of life for more Filipino families.”
Asiabest shares closed at P26.80 on Wednesday.
