Property developer Filinvest Land Inc. (FLI) said Thursday it will dissolve two subsidiaries to streamline its corporate structure.
FLI said in a disclosure to the stock exchange it would closed down LeisurePro Inc. and Filinvest Lifemalls Mimosa Inc. which have been inactive and have not conducted any business operations and transactions.
These firms filed applications with the Securities and Exchange Commission (SEC) for dissolution by shortening their corporate term.
FLI, the property arm of the Gotianun family, is engaged in residential, commercial, hotel and office developments. It is in the process of raising up to P12 billion from issuance of peso-denominated fixed-rate bonds.
The bond offering will be the first tranche of FLI’s proposed shelf registration, with an aggregate principal base amount of P10 billion, and with an oversubscription option for another P2 billion.
The first tranche will have a fixed term of 3.5 years and will be due 2027.
FLI has been aggressively launching residential condominiums across the country. It recently topped off Futura Centro—a budget-friendly mid-rise condo community in Sta. Mesa, Manila.
It also started construction of its first North Luzon residential project—Futura One within the Fora Dagupan hub in Dagupan City. The project aims to capture the growing and thriving real estate market in the booming region.
Future One will be a 2.3-hectare low-density condominium community that will have seven mid-rise buildings. Units range from studio (22 square meters) to two-bedroom (32 square meters) priced at P3.09 million to P4.33 million, respectively.