ABG raises funding for modular construction push
MANILA, Philippines – Asiabest Group International Inc. (ABG) is injecting P70 million in fresh capital into ABG Modular Development Corp. to boost capacity and support growth.
In a disclosure on Monday, ABG said the investment increases its stake in ABG Modular, initially capitalized at P10 million.
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The board also approved raising the subsidiary’s authorized capital stock to P300 million from P100 million to support future growth.
ABG Modular develops and deploys prefabricated concrete modular structures (PCMS) as a faster, scalable solution for education, housing and community projects.
The company said it will use fresh capital to expand manufacturing operations by acquiring additional formworks, molds and production equipment.
The company will invest in automation, housing demonstration projects and working capital to support its growing project pipeline.
“ABG Modular represents a major step in ABG’s transformation into a vertically integrated supply, logistics and manufacturing platform,” said Jan Michael Lim, Investor Relations Officer of ABG. “With modular construction gaining traction globally and locally, we are building the capabilities needed to deliver projects faster, more efficiently, and at scale while creating long-term value for our shareholders.”
ABG Modular has also partnered with Concrete Stone Corp. leveraging its precast concrete manufacturing and supply capabilities to support project execution.
The company has already showcased its technology through a PCMS classroom project in Mariveles, Bataan.
Meanwhile, ABG Modular is expanding into residential, resort and villa projects, capitalizing on growing demand for faster and more flexible construction.
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ABG said demand for modular construction is rising as developers seek faster builds, consistent quality and greater project certainty.
The company sees modular construction playing a bigger role in addressing infrastructure needs and driving ABG Modular’s growth. /pai INQ
