Asiabest backdoor delayed by valuation wait

Asiabest [ABG] [link] disclosed that the initial valuation of the assets it plans to fold into the company is expected to be confirmed “around the end of October,” with management committing to establish the foundation and final details of the transaction to “ensure that all key details are aligned before moving forward.” In a response to the Exchange’s query on 28 October 2025, ABG said the final valuation details will be presented to the Board of Directors for formal approval in the “first week of November.” The company added that the necessary documentation will subsequently be prepared for presentation to shareholders. The PSE already approved a 10-day voluntary trading suspension of ABG starting on 14 October 2025 following shareholder calls for greater transparency on the planned vend-in of Concrete Stone Corp., Industry Movers Corp., and Kabalayan (through PremiumLands Corp.). ABG said the trading pause aims to “ensure full transparency and proper price discovery.”

MB bottom-line: As noted by Bilyonaryo (link), ABG’s new owner (Francis Lloyd Chua) has already exceeded the timeline he gave investors for the valuation the assets that could be backdoored into ABG. While the delay isn’t necessarily a big deal (what’s another two to four weeks in the grand scheme of things?), I’m starting to get vibes from Mr. Chua’s conduct that (at least for me) will cause me to stay far away from ABG (or whatever it will become) until it can prove itself to be stable, transparent, and reliable. I’m not even thinking about Mr. Chua’s involvement in the Dolomite Beach scandal; besides, how can I be mad at a guy who did so much for my mental health during the lockdown? (/s)

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