Listed Asiabest Group International, Inc. (ABG) has approved an additional P70-million capital infusion into its wholly owned subsidiary, ABG Modular Development Corp., as part of its expansion in the modular construction business. The announcement was made in a statement on Monday, as reported by BusinessWorld.
The board approved the additional investment on top of the initial P10-million subscription to ABG Modular. The move signals the company's commitment to growing its presence in the modular construction sector, which involves prefabricated building components assembled on-site.
ABG did not provide further details on how the additional capital would be deployed. The modular construction unit is expected to support the parent company's diversification strategy beyond its traditional business lines.