The Gotianun Group’s holding company Filinvest Development Corporation has decided to transfer its condotel business under FORA Services Inc. (FOSI) from Filinvest Hospitality Corporation (FHC) to publicly-listed Filinvest Land Inc.
In a disclosure to the Philippine Stock Exchange (PSE), FLI said the Executive Committee of FLI has approved the acquisition of 100 percent of the outstanding shares in FOSI in the name of FHC for P399,800.
“The acquisition of FOSI would involve the addition of the first-ever SEC-registered condotel business model into the diverse portfolio of FLI,” the firm said.
With this, FLI said it can capitalize on the novelty and potential of the condotel business and position itself for long-term growth.
The acquisition also creates synergies by leveraging on the experiences and resources of both FLI and FOSI.
FLI can leverage on its expertise on real estate development and management to enhance the quality and efficiency of FOSI's condotel operations which can ultimately lead to cost savings and improved profitability.
FOSI was incorporated on Aug. 24, 2018, as a domestic corporation primarily engaged in the business of operating and managing real estate projects and rendering hospitality- related services, particularly, the Quest Hotel Tagaytay Project located in Fora Rotunda Tagaytay.
FOSI is a registered issuer of 164 Certificates of Participation in the Project, which allows its holders to receive a payment of distributable participation interest annually and room use privilege.