December 7, 2024 | 12:00am
MANILA, Philippines — Tiger Resort Asia Ltd., the parent company of Tiger Leisure and Entertainment Inc., has disposed its entire stake in Asiabest Group International Inc. (ABG) after five years since investing in the publicly listed holding company.
ABG said its major stockholder, Tiger Resort Asia, has entered into a share purchase agreement with a consortium led by PremiumLands Corp. for the sale of its 66.67 percent stake in the company.
The sale involves 200 million common shares of stock of ABG, which represents all of the shares owned by Tiger Resort Asia in the company.
In line with the transaction, the Philippine Stock Exchange yesterday implemented a trading halt on the shares of ABG.
In 2018, various shareholders of ABG agreed to sell 200 million common shares to Tiger Resort Asia.
Tiger Resort Asia completed the acquisition of 66.67 percent of ABG in 2019.
Meanwhile, PremiumLands, which aims to provide quality and secure homes to Filipino families and fill the housing gap in the country, is chaired by Francis Lloyd Chua.
Based on its website, PremiumLands is a real estate company that pioneers developments in high-potential locations across the country under the Premium Infinite Ventures Inc. Group.
The company started its journey with the acquisition of The Mondrian office building in Makati, followed by its own maiden development called PMI Tower.
The company also developed Market Mall in Ormoc City.
PremiumLands said among its upcoming developments include affordable residential projects under its Kabalayan brand to provide quality and secure homes to Filipino families in Luzon, Visayas and Mindanao.
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