Vol. XXII, No. 42 [ BusinessWorld Online ]
Tuesday, September 23, 2008 | MANILA, PHILIPPINES
HOTEL OPERATOR Waterfront Philippines, Inc. will set up a new company that will manage its newly acquired property Mimosa Leisure Estate in Pampanga.
In a disclosure, Waterfront said its board had approved the incorporation of a subsidiary that will be known as Waterfront Mimosa Leisure Corp. "It will operate the existing facilities of the former Mimosa Leisure Estate and will also develop, operate and maintain it as a prime tourist destination in Central Luzon," Waterfront said. Waterfront Mimosa will have an initial capitalization of P10 million.
Waterfront Philippines also said it would subscribe to up to 2.5 million shares or almost a quarter of the authorized capital stock of Waterfront Mimosa.
Earlier, the Gatchalian-led company said it might buy more properties in key tourist destinations in the country after winning the P1.5-billion contract to develop and operate the 235-hectare Mimosa Leisure Estate in July.
The Mimosa estate includes a 303-room, seven-storey Holiday Inn Hotel on a 2.92-hectare property and a 171-hectare golf course. — Kristine Jane R. Liu