TWO SUBSIDIARIES of Filinvest Land, Inc. (FLI) have filed dissolution applications with the Securities and Exchange Commission (SEC) as the listed property firm streamlines its corporate structure.
In a regulatory filing on Thursday, FLI identified the units as LeisurePro, Inc. and Filinvest Lifemalls Mimosa, Inc.
“To streamline the corporate structure of FLI, the following subsidiaries have filed applications with the SEC to be dissolved by shortening their corporate term,” the listed firm said.
LeisurePro is engaged in the real estate marketing business while Filinvest Lifemalls Mimosa is involved in property management.
“These subsidiaries have been inactive and have not conducted any business operations and transactions,” it added.
FLI is a subsidiary of Filinvest Development Corp., one of the leading full-range property developers in the country.
The company’s portfolio consists of best-value homes, townships, mixed-use developments, mid-rise and high-rise condominiums, office buildings, shopping centers, and leisure developments.
Recently, FLI announced that its proposed bond offering, comprising of P10 billion with a P2 billion oversubscription option, earned a PRS Aaa credit rating and a stable outlook from Philippine Rating Services Corp.
The company said the proceeds from the offering will be for capital expenditures and debt refinancing. It is the first tranche of FLI’s peso-denominated fixed-rate bonds offering up to an aggregate principal amount of P35 billion to be issued in tranches.
In the first half, FLI posted a 15% jump in its attributable net income to P1.39 billion on the back of higher revenues.
On Thursday, shares of FLI at the local bourse rose two centavos or 3.23% to finish at 64 centavos apiece. — Revin Mikhael D. Ochave
