[ manilastandardtoday.com ] July 18, 2009
THE Securities and Exchange Commission has suspended the registration and license to sell securities of Fairways and Bluewater Resort and Country Club Inc., a unit of Fil-Estate Land Inc. that operates a resort and country club on Boracay Island.
The commission said in an order that Fairways and Bluewater had failed to comply with disclosure requirements and to submit a Transfer Certificate of Title showing it owned the 120 hectares of land it occupies on the resort.
“In view of the foregoing, the registration of securities and certificate of permit to sell securities to the public issued in favor of Fairways and Bluewater Resort and Country Club Inc. is hereby suspended for a period of 60 days or until it is able to submit its duly accomplished amended registration statement together with the required exhibits and the TCT’s covering the subject property in the name of the club,” the commission said.
The commission also gave Fairways and Bluewater 60 days to comply with the requirements.
No official of Fil Estate Land was available for comment.
SEC director Justina Callangan admitted that the suspension order could be moot because the company had reportedly stopped selling securities.
One of Fairways and Bluewater’s coming projects is Newcoast Town Center, where it is to build with a variety of shops and specialty stores, restaurants, grills and bars, tennis and basketball courts, cascade pools and other recreational facilities.
A village clubhouse on 6,000 square meters of rolling terrain and 108 condotel units are also being planned to accommodate guests.
Fairways and Bluewater Boracay Hotel is also being built in stages to for shareholders and guests.
Should the company fail to submit the requirements within prescribed period, the commission said, it would cancel its registration and license to sell securities.
With its 120-hectare holdings in Boracay, Fairways and Bluewater is the largest single landowner on the island. The resort has a 72-hole golf course, condominium units and various restaurants.
Fil-Estate Land is one of the leading property development and marketing companies in the Philippines. It is primarily engaged in the development of residential subdivision lots, integrated residential-golf and other leisure-related properties, and development of mixed-use buildings in Metro Manila.
For fiscal year 2008 ending September, Fil Estate Land realized a net income of P92.5 million, up 92 percent from P58.3 million a year earlier. The higher income was a result of revenue rising to P906 million, up 35 percent from the same comparative period.
But gross profit on the sale of real estate dropped to P202 million from P280 million despite an increase in sales of real estate by 10 percent. Jenniffer B. Austria
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