Filinvest Land, Inc. is Set to Acquire FORA Services, Inc.

​On September 16, 2024, the Executive Committee of Filinvest Land, Inc. (FLI), in the exercise of its delegated authority, approved the acquisition of 100% of the outstanding shares in FORA Services, Inc. (FOSI) from Filinvest Hospitality Corporation (FHC), for an aggregate purchase price of Four Hundred Thousand Pesos (P400,000.00).

The acquisition of FOSI would involve the addition of the first-ever SEC-registered condotel business model into the diverse portfolio of FLI. With this, FLI 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.
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The terms and conditions of the transaction:
 
Number of shares to be acquired or disposed: 4,000 common shares
Percentage to the total outstanding shares of the company subject of the transaction: 100%
Price per share: P100.00

The valuation, as agreed upon is the par value of the shares, as income to be earned by the Company are subject to distribution to holders of certificates of participation of its Condotel Project.

Fora Services, Inc. was incorporated on August 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 (Condotel 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.

Filinvest Hospitality Corporation (FHC) is a subsidiary of Filinvest Development Corporation, which is the parent company of FLI.

Filinvest Land, Inc. (FLI) is one of the leading full-range property developers in the Philippines with a diverse project portfolio spanning the archipelago. The company has developed over 3,000 hectares of land into homes for over 160,000 families.

From residential communities, FLI has diversified into building townships, mid-rise and high-rise condominiums, BPO hubs, office buildings, shopping centers and leisure developments. With over 250 ongoing developments in 50 key areas across the country, FLI continues to expand and innovate, propelled by its commitment to build the Filipino dream.

FLI is the developer behind landmark projects such as the 52-storey PBCom Tower which is the tallest office building in the country, premier outsourcing hub Northgate Cyberzone in Alabang, and the sprawling Festival Mall which remains the undisputed regional shopping center south of Metro Manila.