FILINVEST Land Inc. (FLI) is moving to dissolve three wholly owned subsidiaries as part of efforts to streamline its corporate structure, while retaining operations of its Mimosa Lifestyle Mall project in Clark.
FLI said Thursday that Proleads Philippines Inc. (PPI), Realpros Philippines Inc. (RPI), and Filinvest Lifemalls Mimosa Inc. (FLMI) had filed applications with the Securities and Exchange Commission (SEC) last Sept. 16 to shorten their respective corporate terms.
PPI and RPI were established to provide marketing and administrative support services for FLI’s real estate projects.
Following their dissolution, any marketing services previously handled by the two companies may be undertaken by other FLI marketing entities, the property developer said.
FLMI has not commenced commercial operations since its incorporation, but despite its planned dissolution, FLI said the development of the Mimosa Lifestyle Mall will continue through its subsidiary Filinvest Clark Mimosa Inc., which will remain the owner, developer and manager of the project.
The Mimosa Lifestyle Mall is targeted to commence operations in 2026.
FLI said it had previously considered shortening FLMI’s corporate term as part of a broader review of its corporate structure and business plans for the project.
“Following further review, and in line with FLI’s continuing efforts to streamline its corporate structure, FLI has determined that it is now the appropriate time to proceed with the shortening of FLMI’s corporate term,” the company said.
The three subsidiaries have no material assets or liabilities, according to FLI, noting that any outstanding obligations, if any, shall be settled in accordance with the Corporation Code of the Philippines and other applicable laws before the completion of their dissolution.
FLI said the shortening of the corporate terms and eventual dissolution of the three subsidiaries are not expected to have any material financial, business or operational impact on the company or its stockholders.
Shares of the company on Thursday rose P0.01, or 1.47 percent, to close at P0.69 each.
