C08410-2018

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Dec 14, 2018
2. SEC Identification Number
42543
3. BIR Tax Identification No.
000-196-724
4. Exact name of issuer as specified in its charter
ASIABEST GROUP INTERNATIONAL INC.
5. Province, country or other jurisdiction of incorporation
PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
22ND FLOOR THE PEAK TOWER, 107 LP LEVISTE ST., SALCEDO VILLAGE MAKATI CITY Postal Code 1227
8. Issuer's telephone number, including area code
(632)9289246
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON SHARES 300,000,000
11. Indicate the item numbers reported herein
ITEM 9: OTHER EVENTS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Asiabest Group International Inc.ABG

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Securities and Exchange Commission's (SEC) ruling dated December 11, 2018
Background/Description of the Disclosure

Asiabest Group International Inc. (“ABG”) received today at 4:22pm, copy of a Decision dated 11 December 2018 (“SEC Decision”) issued by the Markets and Securities Regulation Department (“MSRD”) of the Securities and Exchange Commission (“SEC”) in relation to MSRD Case No. 001-12-2018 filed by Mr. Carnell S. Valdez in his capacity as shareholder of ABG against Tiger Resort Asia Limited (“TRAL”), The First Resources Management and Securities Corporation, The Philippine Stock Exchange (“PSE”) and ABG for alleged violation of The Securities Regulation Code, and the 2015 Implementing Rules and Regulations of the Securities Regulation Code, with Urgent Application for Ex-Parte Issuance of Cease and Desist Order (“Complaint”). The Complaint prayed for a Cease and Desist Order of TRAL’s Tender Offer of ABG shares based on alleged omission of facts in the Tender Offer.

The SEC ruled that no violation was committed and that an exercise of its authority over PSE is premature. The SEC ruled further that the MSRD is of the position that at the time of filing the Tender Offer Report, TRAL was not yet required to disclose the pending criminal and civil proceedings in Hong Kong.

Notwithstanding the above, the SEC ruled that TRAL should provide the factual information regarding the proceedings in Hong Kong in the interest of the public and for the protection of investors.

The SEC, thus, ruled as follows:
A. Complaint is DISMISSED and the Application for Issuance of a Cease and Desist Order DENIED.
B. Tiger Resort Asia Limited is hereby DIRECTED:
1. To file an amended Tender Offer Report to fully disclose therein factual information relative to the conflict which lead to the filing of civil and criminal cases against the directors and officers, and the directors and officers of Universal Entertainment Corporation and Okada Holdings Limited in Hong Kong and status of the same;
2. To immediately cause the publication once in two (2) newspaper of general circulation the amendment;
3. To promptly disseminate the amendment to the stockholders of Asiabest Group International Inc. and extend the tender offer period for ten (10) business days reckoned from the publication of the amendment; and
4. To file an amended Tender Offer Report disclosing therein any new material fact or information that may arise during the extended tender offer period.
Other Relevant Information

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Filed on behalf by:
Name Rachelle Lambuson
Designation Corporate Secretary, Corporate Information Officer & Compliance Officer