Filinvest Development Corporation (“FDC”), the publicly listed holding company of the Filinvest Group, announced a significant step in optimizing its tourism and leisure portfolio with the approval of a plan to consolidate its wholly-owned hospitality subsidiaries.
The Board of Directors of FDC approved the Plan of Merger and Articles of Merger, which will centralize the operations, management, and strategic direction of its hotel and resort assets under a single entity: Filinvest Hospitality Corporation (FHC), which will serve as the surviving corporation.
This transaction is a key internal corporate restructuring initiative designed to streamline the organizational and operational structure of the Filinvest Group’s rapidly growing hospitality business. By unifying these subsidiaries under FHC, the Group aims to achieve greater operational efficiencies, leverage economies of scale, and ensure a cohesive guest experience across its diverse portfolio of properties located in key tourist destinations across the Philippines.
The entities involved in the merger include several key regional operators: 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.
FDC assures the investment community that the transaction involves the consolidation of unlisted, wholly-owned subsidiaries and is purely an administrative and strategic initiative.
No new shares of Filinvest Development Corporation will be issued as a result of the merger.
The transaction will be accounted for as a transaction between entities under common control.
The merger is expected to have no material financial effect on the consolidated group’s financial statements upon completion.
