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Asiabest Group International Inc.

Company Description
Asiabest Group International Inc. (ABG), formerly AGP Industrial Corporation, was registered with the Securities and Exchange Commission (SEC) on October 23, 1970 as an investment holding company. In 2011, the SEC approved the ABG's application for quasi-organization and equity re-structuring thereby substantially wiping out its deficits and allowing the Company to raise additional capital needed for investments.

In October 2011, ABG entered into a Management Agreement with Option to Buy with Geogen Corporation (Geogen) whereby the Company was contracted for the management of the exploration, development and mining operations of Geogen's mining area in Dinapigue, Isabela for a period of five years. In April 2015, the Management Agreement was cancelled upon payment of the agreed termination fee.

In December 2011, ABG, together with NiHao Mineral Resources International Inc. and Glencore International AG established GNA Resources International Limited (GNA) under the laws of Hong Kong as a joint venture company pursuant to their Heads of Agreement dated September 27, 2011 and the Addendum to the Heads of Agreement dated October 28, 2011. As of December 31, 2015, GNA still had no operations which prompted the Company management's decision to write off the amount paid for the incorporation of the joint venture.

In September 2011, the SEC approved the incorporation of Alta Minera Inc. (AMI), Breccia Resources Inc. (BRI) and Millionaires Resources and Properties Inc. (MOPI). In order to streamline the business and financial reporting of the Company, on May 29, 2017, the Board of ABG ratified the sale of all the Company's share of stock and interest in its subsidiaries. As a result, AMI, BRI, and MOPI ceased to be ABG's subsidiaries.

Source: The Company (2018)
Security Information
Sector Holding Firms
Subsector Holding Firms
Corporate Life 50
Incorporation Date Oct 23, 1970
Number of Directors 7
Stockholders' Meeting as per By-Laws May - third Monday except holidays
Fiscal Year 12/31 (Month/Day)
External Auditor Mangay-Ayam, Lim & Co., CPAs
Transfer Agent Banco de Oro Unibank, Inc. - Trust Banking Group
Contact Information
Business Address 22nd Floor The Peak Tower, 107 LP Leviste St., Salcedo Village, Makati City
E-mail Address legal@rsbernaldo.com
Telephone Number (632) 928-9246
Fax Number 410-3760
Website