Filinvest Land Inc. is moving to dissolve three wholly owned subsidiaries as it streamlines its corporate structure, while keeping the development of its Mimosa Lifestyle Mall in Clark on track.
Proleads Philippines Inc. (PPI), Realpros Philippines Inc. (RPI), and Filinvest Lifemalls Mimosa Inc. (FLMI) filed applications with the Securities and Exchange Commission on Sept. 16 to shorten their corporate terms, a step toward their eventual dissolution.
PPI and RPI were established to provide marketing and administrative support for FLI’s real estate projects. Their functions may be transferred to other FLI marketing entities after their dissolution, allowing ongoing projects to continue without disruption.
FLMI, meanwhile, has never started commercial operations since it was incorporated.
Its dissolution will not affect the Mimosa Lifestyle Mall project in Clark, Pampanga, which will continue under Filinvest Clark Mimosa Inc., another FLI subsidiary.
FLI said Filinvest Clark Mimosa will remain the owner, developer, and manager of the project, which is targeted to start operations this year.
The company had previously considered dissolving FLMI as part of a broader review of its corporate structure and plans for the project. After further review, FLI said it was now appropriate to proceed with shortening its corporate term.
The three subsidiaries have no material assets or liabilities, FLI said. Any outstanding obligations will be settled in accordance with the Philippine Corporation Code and other applicable laws before their dissolution is completed.
FLI said the move isn’t expected to have a material financial, business, or operational impact on the company or its shareholders.
