Insider Spotlight
At its Aug. 11 annual stockholders meeting, shareholders approved increasing Asiabest’s authorized capital stock to as much as P3 billion and authorized the board to proceed with private placement plans and a public follow-on offering.
Why it matters
The approvals pave the way for Asiabest to acquire 100 percent of Industry Movers Corp., a maritime and logistics company with an initial fleet of more than 40 vessels, as well as Kabalayan Housing Corp. or its underlying properties.
The transactions are valued at P4.7 billion to P6.7 billion and would involve issuing 188 million to 268 million Asiabest shares. The valuation implies P25 per consideration share, subject to final independent appraisals and regulatory approvals.
The bigger picture
Industry Movers would give Asiabest exposure to domestic and international sea freight while supporting the movement of raw materials, prefabricated components, modular units and construction equipment.
Kabalayan would provide a strategic land bank for housing, modular construction and other developments.
Asiabest is also expanding ABG Modular Development Corp., its wholly owned subsidiary incorporated in January. The unit delivers prefabricated concrete modular structures for mass housing and educational facilities.
The company is positioning the business against a national housing demand gap of about 6.5 million units and a classroom shortage exceeding 165,000.
ABG Modular recently turned over a five-classroom building to Romana C. Acharon Central Elementary School in General Santos City under the Department of Education’s basic education facilities program.
What they’re saying
“We are building an integrated enterprise where every business has a purpose beyond its own success. Raw materials, manufacturing, logistics, and delivery reinforce one another, creating a group that is greater than the sum of its parts,” Asiabest Group International treasurer and CFO Maria Rita S. Pueyo said in a press statement.
“That integration gives us the ability to execute faster, operate more reliably, and be better positioned for long-term growth,” she added.
“That is why we will keep investing in our modular construction capability year after year for the foreseeable future—because it is the only way to deliver homes, schools, and clinics at the speed and cost that ordinary Filipino families need,” Pueyo added.
What’s next
Asiabest is targeting completion of the Industry Movers and property transactions by the fourth quarter of 2026, followed by its planned public follow-on offering in 2027. —Vanessa Hidalgo | Ed: Corrie S. Narisma
