ASIABEST GROUP International, Inc. said its board of directors has approved a P100-million investment to determine its wholly owned subsidiary ABG Modular, which is able to concentrate on modular construction and sustainable constructing solutions for the property development sector.
“The Board approved the incorporation of a completely owned subsidiary, ABG Modular, and the investment thereto,” Asiabest Group said in a regulatory filing on Thursday.
ABG Modular will goal sectors similar to housing, business projects, infrastructure, schools, and community facilities, the corporate said, adding that it should be a vertically integrated supply, logistics, and manufacturing company.
The subsidiary can have a licensed capital stock of P100 million and an initial subscribed capital of P10 million, fully owned by Asiabest Group because the parent company.
Asiabest Group said ABG Modular is ready to form a three way partnership with Concrete Stone Corp. (CSC), which is predicted to supply precast components, scale up operations, and support projects.
At present, the corporate is deferring acquisition of CSC shares, citing that the timing conflicts with the incorporation of ABG Modular because it focuses on constructing operating momentum for the brand new subsidiary.
“Within the meantime, further acquisition of CSC shares is deferred as to timing under a phased approach, because the Corporation prioritizes ABG Modular to pursue near-term opportunities and construct operating momentum,” Asiabest Group said.
The corporate referred to its September 2025 announcement to amass 10 million primary common shares of CSC at P15 each. — Ashley Erika O. Jose