September 17, 2024 | 12:00am
MANILA, Philippines — Filinvest Land Inc. (FLI) is adding the condotel business in its diverse project portfolio with the acquisition of outstanding shares in Fora Services Inc. (FOSI).
In a stock exchange filing, the listed property developer of the Gotianun family said its board approved the acquisition of 100 percent of the outstanding shares in FOSI from Filinvest Hospitality Corp. (FHC) for P400,000.
FHC is a subsidiary of Filinvest Development Corp., which is the parent company of FLI.
FLI said the acquisition of FOSI would involve the addition of the first-ever Securities and Exchange Commission-registered condotel business model into its diverse portfolio.
“With this, FLI can capitalize on the novelty and potential of the condotel business and position itself for long-term growth,” the company said.
“The acquisition also creates synergies by leveraging on the experiences and resources of both FLI and FOSI,” it said.
FLI intends to leverage on its expertise on real estate development and management to enhance the quality and efficiency of FOSI’s condotel operations.
FLI said this could ultimately lead to cost savings and improved profitability.
FOSI is a domestic corporation incorporated in 2018 that is primarily engaged in the business of operating and managing real estate projects and rendering hospitality-related services, particularly, the Quest Hotel Tagaytay project.
It is a registered issuer of 164 certificates of participation in the project, which allows its holders to receive a payment of distributable participation interest annually and room use privilege.
FLI, meanwhile, is a full-range property developer with a project portfolio that includes its core best-value homes, townships, mixed-use developments, mid-rise and high-rise condominiums, business process outsourcing office buildings, shopping centers and leisure developments.
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