Premium Lands Corp. (PLC) said it plans to transform the dormant listed firm Asiabest Group International Inc. (ABG) into a holding company engaged in various infrastructure related businesses.
PLC and its partner Industry Holdings and Development Corp. (IHDC) signed a share purchase agreement to acquire a controlling stake in ABG in December 2024.
ABG said in a disclosure to the stock exchange PLC and IHDC planned to consolidate their assets and businesses into the company “to create an end-to-end infrastructure group in the Philippines”.
Under the plan, PLC and IHDC will initially infuse Kabalayan Housing Corp.’s land assets in various provinces into ABG.
Kabalayan, which is into development of mass housing projects, is a wholly-owned subsidiary of PLC.
IHDC also plans to consolidation its businesses in subsidiaries manufacturing, logistics and construction in ABG by 2026. These subsidiaries include Concrete Stone Corp. (CSC) and Industry Movers Corp. (IMC) as well as minority interest in construction firm EEI Corp.
CSC is engaged in the manufacturing and supply of construction solution materials such as precast, aggregates and cement and has an existing high volume manufacturing plant in Bataan that sources materials from crusher sites in various locations nationwide.
IMC has an existing fleet of vessels that provide maritime logistics and delivery.
Meanwhile, PLC and IHDC also committed to conduct a follow-on offering within a year from acquiring ABG as required under the Philippine Stock Exchange’s backdoor listing rules.
ABG was previously owned by Okada-owned Tiger Resort Asia Limited (TRAL). It acquired Asiabest in 2019 as part of its plan to list its $2.4-billion integrated resort and casino Okada Manila in the local bourse.
TRAL, however, decided to drop its backdoor listing plans and opted to sell its controlling stake in PLC and IHDC.
