BIZ BUZZ: Asiabest’s next step
Nearly eight years without operations and a failed entry into the gaming market did not dampen the mood of Asiabest Group International.
Instead, it seemed to fuel its resolve even further.
The company, now eyeing the rapidly growing infrastructure sector, just closed a P150-million deal to acquire shares in its sister company, Concrete Stone Corp. (CSC).
Asiabest disclosed on Tuesday it had bought a 1.85-percent stake in CSC for a “discounted price” of P15 per share.
CSC, established in 2018, is described as “one of the largest suppliers” of construction materials in the country. It’s a subsidiary of Industry Holding and Development Corp., a registered holding firm with interests in manufacturing and raw material processing, construction and logistics led by businessman Francis Lloyd Chua.
As a refresher, we can recall that Asiabest announced plans in January to transform into an infrastructure holding firm via the P510-million entry of PremiumLands Corp. (PLC), the real estate firm of Chua.
PLC bought the 66.67-percent stake of Tiger Resort Asia Ltd., the operator of Okada Manila, in Asiabest.
Time will tell if this is the best move for Asiabest, which is operating in the infrastructure sector that is currently in hot water.
