MAKATI CITY, Philippines — Asiabest Group International, Inc. (PSE: ABG) held its Annual Stockholders Meeting (ASM) on August 11, 2026, where stockholders approved a major expansion and recapitalization plan that will significantly increase the Company’s capital and pave the way for the infusion of two operating businesses into the Company.
Stockholders approved increasing ABG’s authorized capital stock to up to Php 3 billion and approved the capital expansion initiatives of the Board, where ABG was authorized to proceed with its private placement plans and public follow-on offering (FOO).
Stockholders likewise approved the Company’s expansion plans for infusion and vend-in of 100% of Industry Movers Corp. (IMC), a maritime and logistics company operating an initial fleet of more than 40 vessels, and Kabalayan Housing Corp. (KHC) or its underlying properties.
IMC would provide ABG with direct exposure to domestic and international sea freight while supporting the nationwide movement of raw materials, prefabricated components, modular units, and construction equipment. While KHC’s vend-in is intended to provide ABG with a strategic land bank for housing, modular construction, and other potential developments.
Together, the IMC and KHC transactions are valued at Php 4.7 billion to Php 6.7 billion and would involve the issuance of 188 million to 268 million ABG shares. Both valuation ranges represent an implied transaction value of Php 25 per consideration share, subject to final independent appraisals and regulatory approvals.
One of the key highlights of the ASM was the plans for ABG Modular Development Corp., a wholly owned subsidiary incorporated in January 2026. ABG Modular is set to expand its scale of operations in delivering prefabricated concrete modular structures (PCMS) for mass housing and educational facilities. The Company is positioning its modular construction platform to address a national housing demand gap of approximately 6.5 million units and a classroom shortage of more than 165,000.
Recently, ABG Modular has successfully turned over a single-story building containing five classrooms to earthquake-stricken Romana C. Acharon Central Elementary School in General Santos City. The classrooms were delivered under DepEd’s basic education facilities program.
“We are building an integrated enterprise where every business has a purpose beyond its own success. Raw materials, manufacturing, logistics, and delivery reinforce one another, creating a group that is greater than the sum of its parts,” ABG Treasurer and CFO Maria Rita S. Pueyo said. “That integration gives us the ability to execute faster, operate more reliably, and be better positioned for long-term growth.”
“That is why we will keep investing in our modular construction capability year after year for the foreseeable future — because it is the only way to deliver homes, schools, and clinics at the speed and cost that ordinary Filipino families need,” Pueyo added.
ABG is targeting the completion of the proposed IMC and property transactions by the fourth quarter of 2026, followed by the planned public follow-on offering in 2027.
