The new majority shareholders of Asiabest Group Inc. (ABG) said Wednesday they will conduct a P255-million tender offer to acquire shares owned by the public starting next month.
The mandatory tender offer will begin on March 10, 2025 and end on April 7, 2025, ABG said in a disclosure to the stock exchange.
The tender offer is mandatory under the Securities Regulation Code (SRC) after PremiumLands Corp. (PLC) and Industry Holdings and Development Corp. (IHDC) entered into an agreement to acquire 66.67 percent stake in ABG in December.
This will give minority shareholders the chance to exit at the same terms as those of the buyout transactions.
Under the plan, PLC offered to acquire 100 million ABG common shares held by minority investors at P2.55 per share.
PLC purchased 200 million common shares in ABG from Tiger Resort Asia Ltd., the operator of the $2-4 billion hotel and gaming resort Okada Manila.
PLC and IHDC will initially infuse Kabalayan Housing Corp.’s land assets located 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 consolidate its businesses in manufacturing, logistics and construction in ABG in 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, on the other hand, has an existing fleet of vessels that provide maritime logistics and delivery.
PLC and IHDC committed to holding a follow-on offering within a year from acquiring ABG as required under the Philippine Stock Exchange’s backdoor listing rules.
Trading of ABG shares was suspended. The shares were last traded on Dec. 16, 2024 when it closed at P21 per share.
