INQ7 MONEY - BREAKING NEWS
September 09, 2006
Updated 05:01:50 (Mla time)
Inquirer
Holding firm Filinvest Development Corp. has obtained approval of the Securities and Exchange Commission to sell club shares totaling up to P958 million for developing a sports and nature club in the Mactan area of the central Philippines city of Cebu.
In documents filed with the SEC, Filinvest said it would offer 2,395 shares of its Seascapes Beach Club at P300,000-P400,000 each.
It said it expected P854-P958 million from the offer. The projected capital requirement for the project is roughly P450 million.
The project site is in the company’s proposed 12-hectare Seascapes Resort Town. The beach club is to be done in two phases, with the first targeted for completion in September 2007 and the second in May 2008.
Phase 1 will consist of the club house lobby, pavilions, lounges, ballroom, cafes, sports bar, clinic, lockers, gym, badminton courts, children’s area, outdoor party area, pool bar, gazebo, club pool and kiddie pool.
Publicly listed Filinvest is the holding company of the tycoon Andrew Gotianun. With INQ7.net
PDI
September 9, 2006
http://services.inq7.net/express/06/09/09/html_output/xmlhtml/20060909-20028-xml.html
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