Gotianun-led Filinvest Development Corp. (FDC) is consolidating several wholly owned hotel subsidiaries under Filinvest Hospitality Corp. (FHC) as part of an internal restructuring to streamline its hospitality operations.
In a stock exchange disclosure on Tuesday, FDC confirmed that its board of directors approved the Plan and Articles of Merger involving FHC and eight other subsidiaries.
These include Boracay Seascapes, Inc., Dauin Seascapes, Inc., Duawon Seascapes Resort, Inc., Dumaguete Cityscapes, Inc., Gensan Cityscapes, Inc., Mactan Seascapes Services, Inc., Princesa Cityscapes, Inc., and Zamboanga Cityscapes, Inc., with FHC as the surviving entity.
According to the company, the merger is intended to simplify the organizational and operational structure of the Filinvest Group’s hospitality arm, which manages properties under brands such as Crimson and Quest Hotels.
“The transaction is an internal corporate restructuring initiative intended to streamline the organizational and operational structure of the Filinvest Group’s hospitality business,” FDC said.
The consolidation will only involve unlisted subsidiaries, and no new FDC shares will be issued as part of the merger.
Likewise, it will also be accounted for as a transaction between entities under common control and is expected to have no material financial effect on the group’s consolidated results.
FDC said the move aligns with its ongoing efforts to enhance efficiency and strengthen focus on its core growth areas — real estate, power, banking, and hospitality.