Saturday, July 18, 2009 [ manilatimes.net ]
By Chino S. Leyco, Reporter
The Gotianun family-led Filinvest Development Corp. (FDC) announced Friday that it formed a new wholly owned subsidiary for its tourism-related businesses.In a disclosure to the Philippine Stock Exchange, FDC said it filed an application for Seascapes Resort Inc.’s (SRI) incorporation, with an authorized capital stock of P100 million.
FDC said SRI would primarily be in the business of running hotels and resorts.
Tristan Las Marias, Filinvest Land Inc. (FLI) vice president for Visayas and Mindanao operations, earlier said the company partnered with Aston Hotels & Resorts for a condotel and resort businesses in Cebu.
The international hotel chain’s first facility in the Philippines would be operational in the next few year, Las Marias said.
Josephine Gotianun-Yap, FDC president and chief executive, said the holding company is setting aside P12 billion for capital expenditures this year.
While the company is venturing into tourism, 60 percent of its capex would still be spent for residential property developments. FDC has two real-estate arms namely, FLI and Filinvest Alabang Inc.
“The real estate is really holding up because we’re focused on the low and middle-income segments of the market,” Yap said.
To help bankroll its projects, FLI is looking at raising P2 billion to P3 billion through the sale of long-term debt papers.
The property company will also participate in the bidding for the North Bonifacio lots of state-owned Bases Conversion and Development Authority (BCDA).
FLI has already submitted the eligibility requirements for the privatization and joint venture development of BCDA’s 8.38-hectare property at Bonifacio Global City, Taguig City.
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