Posted on December 03, 2014 10:59:00 PM
PANLILIO-led Boulevard Holdings, Inc. said it expects its Fridays Boracay Beach Resort to resume operations “soon” after a trial court in Aklan issued a writ of injunction against the resort’s former owners.
A BEACHFRONT view of Fridays Boracay Beach Resort in Aklan
The court ruling would allow the listed resort developer to recover possession of the Boracay property which, according to the Panlilio group, was “violently wrested” by 200 armed men on Feb. 15.
The armed men, which occupied 60% of Fridays Boracay beach resort, were reportedly associated with Datu Yap Sumndad and Mila Yap-Sumndad, BHI Chairman, President and Chief Executive Officer Jose Marcel E. Panlilio said in a letter to stockholders yesterday.
Mr. Panlilio said Boulevard Holdings had completed the P65-million purchase of a parcel of the land from the former Mayor of Malay, Aklan, allowing his company to gain “full possession and sea views from our restaurant.”
“Operations will be restored as soon as possible and the average monthly sales of P20 Million is achievable,” Boulevard Holdings said in the disclosure.
In his letter to Boulevard shareholders attached to the disclosure, Mr. Panlilio said sales at the resort had dropped to P8 million a month because of the land dispute.
The case was docketed at the trial court of Buruanga-Malay in Aklan as Civil Case No. 311-M.
Fridays Boracay is owned by Fridays Holdings, Inc., a subsidiary of Boulevard Holdings.
Boulevard shares rose 0.86% to close at P0.117 on Wednesday. -- DJM