It looks like they have perhaps acquired the old tooling from Gabilondo.
It looks to be a decent offering, but I really don't care for the trendy wide and slanted slide serrations in the rear, and definitely not the ones in the front. The beavertail is also fruity looking as is the trigger with holes drilled in it.
Given Armscor's state of the art CNC machinery and the diligence and craftsmanship of the Filipino worker, I'm sure these will be a far superior product to the former Llama, with much less evidence of hand fitting.