Asiabest seeks shareholder nod for ₱5.1B asset infusion

Asiabest Group International Inc. (AGI), the shell company acquired by construction tycoon Francis Lloyd Chua, is seeking shareholder approval to fold in infrastructure and real estate assets at a valuation significantly lower than initially projected.

- By JAMES A. LOYOLA

In a statement, the investment company said it will ask investors on Aug. 11 to approve the acquisition of Industry Movers Corp. and Kabalayan Housing Corp. for a combined ₱4.7 billion to ₱5.1 billion, roughly a third of the ₱15 billion valuation disclosed to the Philippine Stock Exchange last year when Chua took control of the firm.

The transactions form the centerpiece of Chua’s strategy to transform the dormant holding firm into an integrated infrastructure, logistics, and housing platform.

Under the updated terms, Asiabest will issue new common shares in exchange for the assets or their underlying businesses.