1 month ago
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Premiumlands Corporation (PLC) and Industrial Holdings and Development Corporation (IHDC) of Francis Lloyd Chua are making a P255 million tender offer of the minority-held shares of Asiabest Group International Inc.
In a disclosure to the Philippine Stock Exhcange, Asiabest said that, “Relative to the Share Purchase Agreement entered into by and between Tiger Resort Asia Limited (TRAL) and PLC,” it was informed of the publication about the planned tender offer.
PLC and IHDC plan to conduct a tender offer for up to 100 million common shares constituting 33.33 percent of the outstanding common capital stock of Asiabest at the tender offer price of P2.552 per share.
This is prior to the completion of its acquisition of 66.67 percent of the company for P510.4 million. Asiabest said the tender offer will begin on March 10, 2025 and end on April 7, 2025.
After the tender offer, Asiabest will be transformed by PL) into an end-to-end infrastructure business group that has the whole ecosystem of the industry.
ABG said it will remain a holding company but will eventually have operating subsidiary companies which will form its end-to-end infrastructure group.
Once the backdoor listing of Chua’s infrastructure assets is completed, ABG is also planning a follow-on offering of its shares within one year from the completion of the acquisition.
The purpose of the transaction is for PLC to acquire a listed platform, ABG, where it can infuse and consolidate assets and businesses in order to create the infrastructure business group.
By acquiring control and ownership of ABG, PLC will have the authority to execute the planned asset infusion and consolidation into ABG, which will result in the listed issuer, ABG, transitioning from a dormant shell company into a holding company with subsidiaries that operate and generate recurring and ongoing revenue and income.
Chua plans to infuse and consolidated his interests in related entities operating in the infrastructure industry that work together to create synergies and competitive advantages for the group.
The value proposition of PLC working as a group is the vertically integrated nature of its organization that begins with raw materials extraction and processing on one end and finished products on the other end.
PLC’s proposed business plan for ABG shall be separated into two major stages starting with the acquisition of Kabalayan Housing Corp., a wholly-owned subsidiary of PLC, and the initial infusion of several land assets located in different provinces into Kabalayan to be used for the operationalization and development of PLC’s Kabalayan Mass Housing Projects.
The second part consists of the consolidation of the interests and operating subsidiaries of IHDC involved in manufacturing, logistics and construction.
These include Concrete Stone Corporation, Industry Movers Corporation, and its minority interest in EEI Corporation.
