Filinvest Land to Dissolve 3 Non-Operating Subsidiaries for Streamlining

MANILA, Philippines — Filinvest Land Inc. (FLI), the Gotianun family’s real estate unit, is streamlining operations by planning to dissolve three non-operating subsidiaries. FLI said its wholly owned subsidiaries – Proleads Philippines Inc. (PPI), Realpros Philippines Inc. (RPI) and Filinvest Lifemalls Mimosa Inc. (FLMI) – have filed applications to amend their respective articles of incorporation to shorten their corporate term. The move aims to streamline FLI’s corporate structure. FLI said the shortening of the corporate term of PPI, RPI and FLMI, as well as their eventual dissolution, is not expected to have any material financial, business or operational impact on the company or its stockholders. It said the subsidiaries have no material assets or liabilities, and any obligations would be settled under applicable laws before their dissolution is complete. PPI and RPI were both incorporated to provide marketing services and other administrative support services to FLI’s real estate projects. Following the dissolution of PPI and RPI, FLI said its other marketing entities may, as necessary, undertake any marketing services previously rendered by these firms to ensure no disruption to ongoing operations. FLMI, meanwhile, has not commenced commercial operations since its incorporation. FLMI previously explored the shortening of its corporate term as part of a broader review of its corporate structure and the business plans for the Mimosa Lifestyle Mall. FLI, through its subsidiary Filinvest Clark Mimosa Inc., will continue developing the Mimosa Lifestyle Mall as its owner, developer and manager. FLI is one of the country’s leading full-range property developers. It has built a diverse project portfolio that includes its core best-value homes, townships, mixed-use developments, mid-rise and high-rise condominiums, office buildings, shopping centers and leisure developments.