REAL ESTATE company PremiumLands Corp. (PLC) is preparing a P255.2-million tender offer for Asiabest Group International Inc. shares as part of its planned backdoor listing.
PLC and Industrial Holdings and Development Corp. (IHDC) intend to conduct a tender offer involving up to 100 million Asiabest common shares, representing a 33.33% stake, at P2.552 per share.
The tender offer will run from March 10 to April 7, Asiabest said in a regulatory filing on Wednesday.
Asiabest cited the P510.4-million share purchase agreement between PLC and Okada-Manila operator Tiger Resort Asia Ltd. (TRAL) in December last year. The deal involved 200 million Asiabest shares, representing a 66.67% stake, priced at P2.55 per share.
In January, PLC stated that Asiabest could become an infrastructure group if its planned backdoor listing is completed.
Under the deal, Asiabest will continue to function as a holding company, while PLC aims to inject and merge interests in the infrastructure industry.
The proposed business plan includes Asiabest’s acquisition of PLC unit Kabalayan Housing Corp. and the initial infusion of several land assets across various provinces into Kabalayan for mass housing projects.
The business plan also involves a proposal to consolidate IHDC’s interests in Concrete Stone Corp., Industry Movers Corp., and a minority interest in EEI Corp. with Asiabest.
PLC is part of a consortium that includes IHDC.
Trading of Asiabest shares has been suspended since December 16 after the Philippine Stock Exchange determined that PLC’s move was covered by backdoor listing rules due to the change in control. — Revin Mikhael D. Ochave
