Asiabest Group invests P100M to launch modular construction unit

ASIABEST GROUP International, Inc. said its board of directors has approved a P100-million investment to establish its wholly owned subsidiary ABG Modular, which will focus on modular construction and sustainable building solutions for the property development sector.

“The Board approved the incorporation of a wholly owned subsidiary, ABG Modular, and the investment thereto,” Asiabest Group said in a regulatory filing on Thursday.

ABG Modular will target sectors such as housing, commercial projects, infrastructure, schools, and community facilities, the company said, adding that it will be a vertically integrated supply, logistics, and manufacturing company.

The subsidiary will have an authorized capital stock of P100 million and an initial subscribed capital of P10 million, fully owned by Asiabest Group as the parent company.

Asiabest Group said ABG Modular is set to form a joint venture with Concrete Stone Corp. (CSC), which is expected to provide precast components, scale up operations, and support projects.

At present, the company is deferring acquisition of CSC shares, citing that the timing conflicts with the incorporation of ABG Modular as it focuses on building operating momentum for the new subsidiary.

“In the meantime, further acquisition of CSC shares is deferred as to timing under a phased approach, as the Corporation prioritizes ABG Modular to pursue near-term opportunities and build operating momentum,” Asiabest Group said.

The company referred to its September 2025 announcement to acquire 10 million primary common shares of CSC at P15 each. — Ashley Erika O. Jose