Two FLI subsidiaries have submitted requests for dissolution to the SEC as the real estate company simplifies its corporate organization.
FLI stated in a formal report on Thursday that the entities in question are LeisurePro, Inc. and Filinvest Lifemalls Mimosa, Inc.
“The listed company stated that in order to simplify the corporate structure of FLI, its subsidiaries have submitted requests to the SEC to dissolve and shorten their corporate term.”
LeisurePro operates in the real estate marketing industry, while Filinvest Lifemalls Mimosa specializes in property management.
“These branch companies have been dormant and have not engaged in any business activities or transactions,” the statement included.
FLI is a branch of Filinvest Development Corp., which is a prominent company that specializes in developing a wide range of properties in the Philippines.
The company’s collection includes affordable housing, residential communities, diverse developments, multi-story apartments and condominiums, commercial properties, retail centers, and recreational projects.
FLI recently announced that their bond offering, which includes P10 billion with a P2 billion oversubscription option, has received a PRS Aaa credit rating and a stable outlook from Philippine Rating Services Corp.
The business stated that the funds gained from the sale will be used for investments and paying off existing debts. This is the initial installment of FLI’s offering of peso-denominated bonds with a total value of P35 billion, to be released in multiple parts.
During the initial half, FLI recorded a 15% increase in its net income of P1.39 billion due to an uptick in revenues.
On Thursday, stock prices for FLI increased by two centavos or 3.23% at the local market, closing at 64 centavos per share.