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Resort operator to borrow up to P250 million


Posted on March 07, 2014 07:31:09 PM [ BusinessWorld Online ]

BOULEVARD Holdings, Inc. (BHI) is poised to raise up to P250 million from debt to fund projects and acquisitions of its subsidiaries, the listed resort operator said in a disclosure on Friday.

BHI said its board of directors granted its authorization "to enter into financial agreement/s with bank/s up to a total amount of P250 million with BHI's Chairman and President/Chief Executive Officer, Jose Marcel [E.] Panlilio, as authorized signatory..."

Said funding will be used "for property acquisition/construction projects of its subsidiaries in Friday's Boracay Beach Resort (Friday's Holdings, Inc.) and Friday's Boquete Beach Resort Hotel (Friday's Puerto Galera, Inc.)", the disclosure read.

The board of directors also authorized Mr. Panlilio "to negotiate, finalize terms and execute agreements in connection with the property acquisition of BHI's subsidiary, Friday's Holdings...in Brgy. Balabag, Municipality of Malay, Island of Boracay, Aklan."

In a separate disclosure, BHI announced that its sales fell in the third quarter ending February of its June-May fiscal year, but the nine-month tally rose by more than a tenth.

The resort developer said consolidated sales of its products and services slipped by 8% to P13.806 million in the third quarter of its fiscal year from P15.062 million the preceding year.

BHI, however, booked P100.601-million sales in the nine months ending February, up 13% from P88.654 million.

Shares of the company lost 1.33% to 14.8 centavos apiece on Friday from 15 centavos on Thursday. -- Claire-Ann Marie C. Feliciano      

Posted on March 07, 2014 07:31:09 PM [ BusinessWorld Online ]

BOULEVARD Holdings, Inc. (BHI) is poised to raise up to P250 million from debt to fund projects and acquisitions of its subsidiaries, the listed resort operator said in a disclosure on Friday.

BHI said its board of directors granted its authorization "to enter into financial agreement/s with bank/s up to a total amount of P250 million with BHI's Chairman and President/Chief Executive Officer, Jose Marcel [E.] Panlilio, as authorized signatory..."

Said funding will be used "for property acquisition/construction projects of its subsidiaries in Friday's Boracay Beach Resort (Friday's Holdings, Inc.) and Friday's Boquete Beach Resort Hotel (Friday's Puerto Galera, Inc.)", the disclosure read.

The board of directors also authorized Mr. Panlilio "to negotiate, finalize terms and execute agreements in connection with the property acquisition of BHI's subsidiary, Friday's Holdings...in Brgy. Balabag, Municipality of Malay, Island of Boracay, Aklan."

In a separate disclosure, BHI announced that its sales fell in the third quarter ending February of its June-May fiscal year, but the nine-month tally rose by more than a tenth.

The resort developer said consolidated sales of its products and services slipped by 8% to P13.806 million in the third quarter of its fiscal year from P15.062 million the preceding year.

BHI, however, booked P100.601-million sales in the nine months ending February, up 13% from P88.654 million.

Shares of the company lost 1.33% to 14.8 centavos apiece on Friday from 15 centavos on Thursday. -- Claire-Ann Marie C. Feliciano       
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