Now, with its acquisition by businessman Francis Lloyd Chua’s PremiumLands, the company is making its latest pivot to mass housing and construction.
In a stock exchange filing on Monday, Asiabest said it plans to purchase PremiumLands’ subsidiary Kabalayan Housing Corp. once the takeover is completed.
The deal involves “the initial infusion of several land assets located in different provinces for Kabalayan to be used in the operationalization and development of PLC’s Kabalayan mass housing projects.”
This is expected to happen by the third quarter of 2025, subject to regulatory approvals, the disclosure showed.
On its website, PremiumLands said Kabalayan is its brand for affordable housing “that embodies its goal to provide safe and secure dwellings that are within reach of ordinary Filipino families, creating a strong sense of community that enables and inspires them to grow and progress.”
“Kabalayan strives to fill the gap in our country’s low-cost housing and contribute to nation-building,” the company said.
ABG will also be consolidated with Chua’s other assets under Industry Holdings and Development Corp.
Expected to be consolidated by the second quarter of 2026, these operating businesses include Concrete Stone Corp., Industry Movers Corp., and a minority interest in construction giant EEI Corp., owned by the Yuchengco family and the group led by House Speaker Martin Romualdez.
Last December, PremiumLands agreed to purchase about 67 percent of ABG from the Okada Group for P510.4 million or P2.55 per share.
The buyer is also expected to launch a tender offer for shares held by minority stockholders of ABG.
Trading of ABG, whose last closing price was P21 per share, remains suspended on the Philippine Stock Exchange as of Monday.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
