Filinvest Land continues corporate cleanup
FILINVEST Land Inc. expansion strategy extends beyond residential projects, making significant strides in establishing a presence in next-wave cities and fast-growing suburbs.
Photograph courtesy of Filinvest
Filinvest Land Inc. (FLI) is streamlining its corporate structure by dissolving an inactive subsidiary in the British Virgin Islands (BVI), with no significant impact expected on its finances, operations or shareholders.
In a disclosure to the Philippine Stock Exchange on Tuesday, the property developer said Property Leaders International Limited (PLIL) is expected to be removed from the BVI Register of Companies and dissolved on 1 November.
“As part of Filinvest Land, Inc.’s corporate structure rationalization, Property Leaders International Limited, an inactive subsidiary, is expected to be struck off the British Virgin Islands Register of Companies and dissolved on November 1,” FLI said.
PLIL was incorporated in the British Virgin Islands on 7 February 2017, as a company limited by shares.
The company said the subsidiary has no material assets or liabilities, limiting the financial implications of its closure.
“Its expected dissolution is not anticipated to have any material impact on FLI’s financial position, business or operations, or on its stockholders,” FLI said.
The planned dissolution will remove an inactive entity from FLI's corporate structure without materially affecting its existing business activities.
FLI did not disclose any financial costs associated with the dissolution.
In September, FLI also moved to dissolve three wholly owned subsidiaries—Proleads Philippines Inc. (PPI), Realpros Philippines Inc. (RPI), and Filinvest Lifemalls Mimosa Inc. (FLMI)—as part of its corporate streamlining efforts.
The three subsidiaries filed applications with the Securities and Exchange Commission on September 16 to shorten their corporate terms ahead of their eventual dissolution.
PPI and RPI were established to provide marketing and administrative support for FLI's real estate projects, while FLMI had not commenced commercial operations since its incorporation.
FLI said the three subsidiaries had no material assets or liabilities, and their dissolution would not materially affect its finances or operations.
The company said PPI and RPI's marketing functions could be transferred to other entities, while the Mimosa Lifestyle Mall project would remain under Filinvest Clark Mimosa Inc.