Asiabest plots major follow-on offer, P3-B capital boost for expansion

Listed Asiabest Group International Inc. (ABG) is preparing a major follow-on share sale, with its board approving an increase in authorized capital stock to P3 billion as it pivots from a dormant firm into the housing and construction business of Leyte tycoon Francis Lloyd Chua.

In a stock exchange filing on Wednesday, ABG said the board approved plans to sell 300-620 million common shares, though pricing and timing of the offering have yet to be finalized.

Proceeds will be used to finance working capital, acquisitions, and investments in affiliates such as Concrete Stone Corp., which manufactures and distributes ready-mix concrete and precast products.

The fundraising comes as ABG undergoes a major transformation under Chua’s PremiumLands, which plans to fold in Kabalayan Housing Corp. and consolidate assets including Industry Movers Corp. and a minority stake in EEI Corp.

Last December, PremiumLands agreed to acquire 67 percent of ABG from the Okada Group for P510.4 million, or P2.55 per share.

—Edited by Miguel R. Camus