LISTED holding company Asiabest Group International Inc. could become an infrastructure group if the planned backdoor listing of real estate developer PremiumLands Corp. (PLC) is realized.
Asiabest said the recent share purchase agreement signed between its major stockholder, Okada Manila operator Tiger Resort Asia Ltd. (TRAL), and PLC will allow PLC to create an “end-to-end infrastructure business group.”
On Dec. 5, TRAL sold its 66.67% stake in Asiabest to PLC for P510.40 million. The deal consisted of 200 million Asiabest shares at P2.55 apiece.
“The purpose of the transaction is for the buyer (PLC) to acquire a listed platform, Asiabest, where they can infuse and consolidate their respective assets and businesses in order to create an end-to-end infrastructure business group in the Philippines that has the whole ecosystem of the industry,” Asiabest said in a stock exchange disclosure on Monday.
Under the planned transaction, Asiabest will remain a holding company while PLC plans to infuse and consolidate its interests in the infrastructure industry.
“Asiabest will remain a holding company, but the buyer (PLC) plans to infuse and consolidate interests in related entities operating in the infrastructure industry that work together to create synergies and competitive advantages for the group,” Asiabest said.
The proposed business plan for Asiabest will include its acquisition of PLC subsidiary Kabalayan Housing Corp. as well as the initial infusion of several land assets across different provinces into Kabalayan for mass housing projects.
The business plan also includes a move to consolidate the interests of construction company Industry Holdings and Development Corp. (IHDC) in Concrete Stone Corp., Industry Movers Corp., and a minority interest in EEI Corp. with Asiabest.
PLC is part of and represents a consortium that includes IHDC.
The projected timetable for the acquisition of Kabalayan and the land asset infusion is on or before the third quarter of this year, while the consolidation of IHDC’s interests and subsidiaries will be on or before the second quarter of 2026.
Trading of Asiabest shares has been suspended by the Philippine Stock Exchange since Dec. 16 after the market operator said the deal involving PLC was deemed to be covered by the rules on backdoor listing as it results in a change of control.
TRAL acquired its stake in Asiabest in February 2019 as part of the company’s plan to publicly list the Okada Manila integrated resort. — Revin Mikhael D. Ochave
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