Asiabest Group International Inc., a listed investment holding company previously controlled by Tiger Resort Asia Ltd., announced that the month-long tender offer to be conducted by its new controlling shareholder, Premiumlands Corp., will begin next week.
The tender offer, scheduled to run from April 14 to May 16, will cover 100 million shares, which represent 33.33 percent of Asiabest. The offer price is set at P2.552 per share, the same value Premiumlands paid for the 200 million shares it acquired from Tiger Resort.
Over the past 52 weeks, Asiabest shares have fluctuated between P3.50 and P27.55, driven by speculation surrounding a potential backdoor listing by Tiger Resort for its Okada Manila resort and casino. However, any listing plans Tiger Resort may have had when it acquired two-thirds of Asiabest in 2019 were clearly abandoned with the sale of its controlling stake to Premiumlands last December.
Once the tender offer and acquisition are completed, Asiabest will acquire Premiumlands’ unit, Kabayan Housing Corp., a company focused on affordable housing. The acquisition is expected to be finalized in the second half of 2025.
