Vol. XXII, No. 140 [ BusinessWorld Online ]
Tuesday, February 17, 2009 | MANILA, PHILIPPINES
GOTIANUN-LED holding firm Filinvest Development Corp. is borrowing P1.8 billion from a group of financial institutions to pay off debts and fund various projects.
In a disclosure, Filinvest Development said it would soon sell unsecured corporate notes with five-year maturities and a fixed interest rate. It did not identify the financial institutions involved.
Last week, the company reported that its board had approved the sale of up to P2.5 billion in corporate notes.
Filinvest Development’s real estate arm, Filinvest Land, Inc., has entered into a deal with Cebu City to develop a 50.6-hectare site.
Filinvest Land had bought a 13-hectare lot for P2 billion at Cebu’s South Road Properties to build recreational facilities, residential condominiums, and an information technology building in an adjacent 35-hectare property.
Filinvest Development also has interests in banking and sugar-related businesses. — Don Gil K. Carreon