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Hotel-leisure firm to raise P652 million

Posted on February 25, 2013 10:48:38 PM [ BusinessWorld Online ]
BOULEVARD HOLDINGS, Inc. expects to raise over P652 million from its planned share sale to majority investor JP Guilds, Inc., the hotel-leisure firm said in a disclosure yesterday.
It added that bulk of proceeds will go to the construction of its hotel and resort complex in Puerto Galera in Oriental Mindoro.
Earlier this month, Boulevard Holdings said JP Guilds planned to subscribe to 3.10 million unissued common Boulevard Holdings shares at 15 centavos apiece and to 1.25 billion common issued common shares at 15 centavos each, in order to raise funds for property projects nationwide.
The amount to be raised from the proceeds was projected at P652.41 million, of which P351.222 million will be allotted for construction costs and working capital requirements of unit Friday’s Puerto Galera, Inc., which is currently building Friday’s Puerto Galera Beach Resort, a 62-room development on Boquete Island, Oriental Mindoro, yesterday’s disclosure read further.
Another P175 million was earmarked for hotel construction and renovation costs of Friday’s Holdings, Inc., while P115 million will go to initial hotel construction costs of Cala Paniman, Inc./Friday’s Paniman, Inc., the disclosure said.
PLANS
Friday’s Holdings operates Friday’s Boracay, a 52-room luxury resort on Boracay Island, Aklan that features amenities such as restaurants, function halls and other tourist-oriented facilities, while Cala Paniman/Friday’s Paniman is scouting for foreign and local partners to develop Boulevard Holdings’ 3,000-hectare Puerto Azul resort in Ternate, Cavite.
Plans for Puerto Azul include construction of an entertainment-and-retail complex dubbed The Wharf and a 250- to 300-room hotel on nearby Paniman beach, as well as the development of 10 resort hotel sites, 30,000 residences around hotels, and 60 sites for 20-room bed-and-breakfast lodges.
In June last year, the developer appointed Singapore-based Aecom Singapore Pte. Ltd. to review and update the Puerto Azul master plan, and said it will set aside a third of Puerto Azul to be developed into a luxury project by potential partners.
The balance of the share subscription proceeds amounting to P11.19 million will be allotted for working capital requirements of Boulevard Holdings, the disclosure stated.
Boulevard Holdings is a holding company established in 1994, with primary interests in hotel, resort, and tourism-related developments.
The company saw its net income sink by 55.30% to P1.56 million in the June-November first half of its fiscal year ending May, from P3.49 million in the same period in 2011 -- a performance it blamed on the impact on sales of a weak global economic environment and bad weather.
In the same comparative periods, revenues dipped by 7.66% to P44.34 million from P48.02 million, while costs and expenses accelerated 2.86% to P41.38 million from P40.23 million.
Shares of Boulevard Holdings gained by 2.26% to end at 13.6 centavos each yesterday from 13.3 centavos on Friday last week. -- F. J. G. de la Fuente      
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