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Richmond Mercurio - The Philippine Star
February 6, 2025 | 12:00am
MANILA, Philippines — The group led by businessman Francis Lloyd Chua targets to start by next month its P255 million tender offer for the shares held by minority stockholders of listed Asiabest Group International Inc. (ABG).
In a stock exchange filing, ABG said that Premiumlands Corp. (PLC) and Industrial Holdings and Development Corp. (IHDC) have published their intent to conduct a tender offer for up to 100 million common shares constituting 33.33 percent of the outstanding common capital stock of the company at P2.552 apiece.
The tender offer is slated to commence on March 10, 2025 and end on April 7, 2025.
PLC is planning to create an end-to-end infrastructure group in the country through a backdoor listing in ABG.
The company will acquire 200 million common shares or 66.67 percent of ABG from Tiger Resort Asia Ltd. at approximately P2.55 per share for a total of P510.4 million.
Through the transaction, PLC will be able to acquire a listed platform where the company can infuse and consolidate its assets and businesses in order to create an end-to-end infrastructure business group in the country that has the whole ecosystem of the industry.
PLC is a real estate company engaged in land banking and real estate developments across the country.
The company is currently focused on the development of its mass housing projects under the Kabalayan brand.
It is actively performing land banking and permitting activities to enable the implementation and execution of its mass housing projects.
PLC is part of and represents a consortium which includes IHDC.
IHDC and its subsidiaries are involved in manufacturing and raw material processing, construction and logistics.
ABG earlier said that PLC would conduct a tender offer to be completed prior to closing date of its share purchase transaction.
It will also initiate and pursue fundraising activities that include at least one follow-on offering that will be conducted by ABG within one year from closing or completion of the transaction.
