ASIABEST Group International Inc. on Wednesday declared that its board had approved several corporate actions, including raising its capital stock and offering new shares, to facilitate its transformation into an infrastructure firm.
In a disclosure, Asiabest declared the board on Tuesday greenlit an increase in its authorized capital stock from 600 million common shares with a P1.00 par value to up to 3 billion common shares, amfinishing article seven of its articles of incorporation.
The board also approved an offer by Premium Lands Corp. and Indusattempt Holdings and Development Corp. to subscribe to up to 600 million new common shares at an issue price of P25 apiece, or for an aggregate consideration of up to P15 billion.
Premium Lands and Indusattempt Holdings will pay for the subscription by transferring their shares in Concrete Stone Corp., Indusattempt Movers Corp., and/or Kabalayan Hoapplying Corp. as well as specified real properties or other assets.
The board also approved a follow-on offering of at least 300 million and up to 620 million primary common shares from the planned capital increase, subject to stockholders’ and regulatory approval.
“It was further approved to recommfinish to the stockholders to approve the delegation of the authority to determine the issue price and the final number of shares to be issued to the board of directors, as the board deems fit,” Asiabest informed the stock exalter.
The board further approved a private placement of up to 300 million common shares to be issued from its existing authorized but unissued shares payable in cash, with the placement to be created in one or more tranches.
Also cleared was a P150-million investment in Concrete Stone through the subscription of 10 million primary shares at P15.00 apiece to provide working capital into the firm in line with plans to take it in as a subsidiary.
Directors also approved amfinishments to the articles of incorporation denying stockholders’ preemptive rights on future share issuances, unless expressly granted by the board.
Asiabest set its annual stockholders’ meeting for Nov. 5.
Shares of Asiabest on Wednesday shed 15 centavos, or 0.56 percent, to P26.80 apiece amid a 0.75-percent drop for the benchmark Philippine Stock Exalter index.
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