BIZ BUZZ: ABG makes room for asset infusion

Trading on Asiabest Group International Inc. (ABG) was halted on Wednesday as the shell company, now led by Leyte-based businessman Francis Lloyd Chua, has put in motion its plan to infuse new assets ahead of a planned follow-on offering.

We earlier reported that this re-initial public offering (re-IPO) is targeted by the second quarter of 2026. But before that, Chua has to put in some assets to make the company more palatable to investors.

Chua plans to fold into ABG three companies, including Concrete Stone Corp., his flagship venture that has precast concrete plants in Bataan, Leyte and Davao Oriental. Others are: Industry Movers Corp. (operator of shipping fleet that transports heavy construction materials) and Kabalayan Housing (mass housing developer).

As such, the new board approved an increase in authorized capital to as much as 3 billion common shares from 600 million at present.

The board also approved the follow-on offering of at least 300 million but no more than 620 million new common shares to be issued out of the planned increase in capital, subject to regulatory approvals.

The company also seeks flexibility to issue as much as 300 million common shares via private placement in one or more tranches—which means this can happen before the re-IPO.

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Because there will be more companies to be consolidated into ABG, it has been earlier hinted that the stock offering will be more than the earlier estimated amount of P3 billion.

With this consolidation, Chua hopes to bring to market an infrastructure ecosystem play.