Asiabest Group International Inc. (ABG) is asking shareholders to back a pair of multibillion-peso acquisitions that could fast-track its transformation from a listed holding firm into a broader infrastructure and property player.
At its Annual Stockholders’ Meeting on Aug. 11, shareholders will vote on the proposed acquisition of Industry Movers Corp. (IMC) and Kabalayan Housing Corp. (KHC), or their underlying assets, in exchange for newly issued ABG shares. The deals are part of the company’s strategy to consolidate complementary businesses under one listed platform and broaden its exposure to high-growth infrastructure and real estate segments.
IMC is valued at between P3.9 billion and P5.5 billion, while KHC carries an estimated valuation of P800 million to P1.2 billion, subject to independent appraisal and regulatory approvals.
“The proposed acquisition represents another important step in ABG’s transformation,” said Investor Relations Officer Jan Michael Lim. “We are bringing together complementary businesses under the ABG platform while creating a stronger organization capable of participating across multiple segments of the infrastructure and property value chain.”
The proposed acquisition of IMC would add a nationwide maritime logistics business to ABG’s portfolio, covering bulk and rolling cargo transport, dredging, crane barge and pile-driving operations, towing, tug-assist services and cargo handling.
KHC, meanwhile, would expand the company’s land bank, providing a pipeline for future integrated housing and modular construction projects through partnerships with local government units, private developers and landowners.
Combined with wholly owned subsidiary ABG Modular Development Corp., which manufactures prefabricated concrete structures, the acquisitions would position the company to capitalize on rising demand for infrastructure, housing and industrial projects.
Shareholders will also vote on increasing ABG’s authorized capital stock, providing financial flexibility to complete the proposed acquisitions and support the company’s next phase of expansion as it builds a more diversified infrastructure platform.
