ASIABEST GROUP International, Inc. (ABG) will seek shareholder approval for the acquisition of two operating companies valued at up to P6.7 billion through share‑for‑asset transactions, a move that supports its transformation into an infrastructure and property holding company. The proposed deal involves transferring Industry Movers Corp. and Kabalayan Housing Corp. or their underlying assets to ABG in exchange for newly issued shares.
Shareholders will vote on the proposals during the company's annual stockholders’ meeting on August 11. The decision will be presented to shareholders at the meeting for final approval.
Industry Movers Corp. will be valued between P3.9 billion and P5.5 billion in exchange for 156 million to 220 million ABG shares, while Kabalayan Housing Corp.
