Backdoor listing vehicle: Asiabest Group eyes infrastructure play
After nearly eight years without operations and a failed entry into the gaming market, Asiabest Group International Inc. will try its luck in the infrastructure business in what is seen as a “timely move” amid the government’s aggressive push for development.
The listed shell company disclosed to the stock exchange on Monday afternoon that real estate firm PremiumLands Corp. (PLC) planned to transform Asiabest into an infrastructure holding firm through its P510-million purchase of a 66.67-percent ownership stake.
This represents the entire shareholding of Tiger Resort Asia Ltd., the operator of Okada Manila.
Based on Asiabest’s comprehensive corporate disclosure on the backdoor listing of PLC, the company led by businessman Francis Lloyd Chua represents a consortium that includes Industry Holdings and Development Corp. (IHDC).
According to Asiabest, IHDC is a registered holding firm with interests in manufacturing and raw material processing, construction and logistics.
“The corporation (Asiabest) will remain a holding company but will eventually have operating subsidiary companies, which will form its end-to-end infrastructure group,” Asiabest said in its disclosure.
PLC will likewise focus on developing its mass housing projects under Kabalayan Housing Corp., its wholly owned subsidiary.
“PLC is currently actively performing land banking and permitting activities that will enable the implementation and execution of its mass housing projects,” Asiabest added.
Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said Asiabest’s entry into the infrastructure scene via PLC was a “timely move given the expected growth in the infrastructure space.”
“The government remains committed to its ‘Build Better More’ development program and even the private sector is poised to continue infrastructure-related investments,” Colet said in a text message.
Data from the Department of Budget and Management showed that infrastructure spending grew at a slower pace in October 2024—2.6 percent to P110 billion versus 16.9 percent in September—as the onslaught of several typhoons slowed overall progress.
