September 4, 2025 | 12:00am
MANILA, Philippines — Asiabest Group Worldwide Inc. (ABG) is gearing up for a serious fundraising initiative following a major hike in its approved capital inventory.
In a inventory change submitting, ABG mentioned that its board has permitted a rise in its approved capital inventory to P3 billion from P600 million.
The corporate will even embark on a follow-on providing of 300 million to 620 million major widespread shares.
The shares can be issued from the deliberate enhance within the firm’s approved capital inventory.
ABG mentioned that it intends to subscribe to 10 million major widespread shares of affiliate Concrete Stone Corp. (CSC) at a reduced worth of P15 per share for a complete of P150 million to offer working capital to CSC.
The subscription can be in step with ABG’s plan to fold in CSC as its subsidiary, topic to definitive documentation and relevant regulatory approvals.
CSC, an organization chaired by businessman Francis Lloyd Chua, is engaged within the manufacturing and provide of development resolution supplies.
Final month, ABG overhauled its board following the takeover of the group led by Chua.
Chua will lead ABG in its subsequent chapter, having been appointed as the corporate’s new president and chairman.
He was joined by a brand new set of administrators within the firm.
In December final yr, a consortium led by Chua’s PremiumLands Corp. entered right into a share buy settlement with Tiger Resort Asia Ltd, ABG’s main stockholder, for the sale of 200 million widespread shares equal to 66.67 of the whole issued and excellent capital inventory of the listed firm.
PremiumLands plans to create an end-to-end infrastructure group within the nation by means of the backdoor itemizing in ABG.
PremiumLands is an actual property firm engaged in land banking and actual property developments throughout the nation.
The corporate is targeted on the event of its mass housing tasks beneath the Kabalayan model.
