The Asia Broadband Inc (OTCMKTS:AABB) stock has been in considerable focus among investors for most of the year and the stock has garnered strong gains as well. Although the Asia Broadband stock is still up by as much as 133% so far in 2021, it has corrected sharply and declined by 40% from its May-end high of 24 cents a share.
However, the latest correction might also prove to be an opportunity for new investors and hence, it could be a good move to take a look at recent developments. The company has moved into the crypto space recently with the launch of its gold-backed AABBG token.
On Tuesday, Asia Broadband announced that it has put plans in motion that is going to see the company expanding its foot print into Central America by pushing demand for its AABBG token. The company is going to start this project at El Salvador.
In order to achieve its objectives, Asia Broadband is going to work with some of the major retailers in the country. The aim is for those retailers in El Salvador to accept payments that are made by customers in AABBG tokens. Retailers are going to be offered handsome discount incentives and commissions if they do start accepting the AABBG token.
While this was an important announcement from the company, there was another key development that took place last month. On May 27, the company announced that the Board of Directors at Asia Broadband and the company’s management approved a move for retiring and returning as many as 107 million units of restricted common shares to the treasury.
The reduction in the number of shares to such a degree could be seen as a welcome move by many shareholders and could also lead to more optimism about the Asia Broadband stock from new investors.
