Asiabest International Inc. has requested a 10-day voluntary trading suspension to finalize valuation reports and submit a comprehensive disclosure package on a recent deal.
Asiabest said the trading suspension aims to ensure a focused, disruption-free environment for the company and its independent advisers to complete key deliverables without the burden of continuous clarificatory queries from investors and regulators.
The trading suspension, approved by the Philippine Stock Exchange, will automatically lift upon lapse of the 10-day period or earlier upon submission of the required disclosures. If Asiabest fails to meet the disclosure timeline, the PSE will proceed to lift the suspension as scheduled.
Asiabest said “a short, orderly suspension” is in the best interest of execution quality, allowing alignment across valuation, documentation, and regulatory reporting. The company confirmed significant progress on three fronts: advanced valuation fieldwork, reconciliation efforts across valuers, and active circulation of draft transaction documents including share-swap mechanics and corporate approvals.
The move follows Asiabest’s board resolution in early September, which included a planned increase in authorized capital stock, strategic share subscriptions, a follow-on offering of up to 620 million shares, and private placements of up to 300 million shares. The company also announced an initial investment in Concrete Stone Corp.
The PSE imposed the trading suspension on Tuesday, October 14, and lift it on October 28.
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