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Filinvest Development Corp. (FDC), the listed investment holding company of the Gotianun Group, has approved a plan to consolidate several wholly-owned subsidiaries under its hospitality division as part of an internal corporate restructuring initiative.
The subsidiaries to be merged into Filinvest Hospitality Corp. include 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. Filinvest Hospitality Corp. will be the surviving entity after the merger.
FDC stated the move aims to streamline the organizational and operational structure of its hospitality business, making it more agile and better positioned for expansion.
“The transaction only involves the consolidation of unlisted subsidiaries and no new FDC shares will be issued,” the company noted. It will be accounted for as a transaction between entities under common control and is not expected to have a material impact on the group’s consolidated financials.
Filinvest Hospitality ended 2024 with 1,800 room keys and is targeting to more than double this number to 3,900 in the coming years. New developments are planned in major tourist hubs such as Cebu, Boracay, Baguio City, and Tagaytay.
In 2024, the hospitality arm generated P3.76 billion in revenues, a 32 percent year-on-year increase. However, this still represented less than 4 percent of Filinvest’s total P101.8 billion revenue, underscoring the significant room for growth in this segment.
The restructuring sets the foundation for Filinvest’s broader push into tourism and hotel development.
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