TOURISM property developer Boulevard Holdings Inc. (BHI) plans to acquire some two-hectare property in Puerto Galera—either through a property-for-share swap or property lease arrangement—just to make its idle resort there fully operational.
In a disclosure to the Philippine Stock Exchange Friday afternoon, the company said its board has approved the acquisition of the remaining 2.1061 hectares at Puerto Galera, Oriental Mindoro, with the firm’s board chairman finalizing the deal’s details.
The disclosure said it could be a property-for-share swap at 2.63 billion BHI shares at the rate of P0.12 apiece, thus, valuing the property at P3.15 million.
“The Chairman [Jose Marcel Panlilio] is authorized by the board to finalize the details of the arrangement,” the Panlilio family-led company said in a statement.
The acquisition of the over two-hectare parcel of land is aimed at developing further Friday’s Puerto Galera Inc., BHI’s resort, which has yet to open to the public, located in Boquete Island in Puerto Galera town, a Philippine tourist spot, in Mindoro province.
At present, only BHI’s Boracay resort is operational, but which is now subject to a litigation row.
Jose Panlilio, chairman of BHI has warned its stockholders that the latest proceedings, without any intervention from BHI, would again ruin the company’s investment as well as the livelihood of its employees in Boracay Island.
“We already spent P195 million in two years—by buying more land, paying lawyers and police, and repair for the theft that the armed men did—to save Fridays Resort. Now, we shall lose more than P14 million a month on a hotel 100 percent fully-booked until the end of May,” Panlilio noted.
BHI is mainly into hotel, leisure and tourism. Its subsidiary, Friday’s Holdings Inc. (FHI), the operator of Friday’s Boracay Island Beach Resort, was supposedly taken over for 13 months by the former landowners, Mila Yap and Datu Yap, following a land dispute involving the 1,477-square-meter beachfront.
In its Friday disclosure to the bourse, BHI said it has increased FHI’s authorized capital stock by P266 million from the current P12.5 million to regularize BHI’s capital infusion into FHI.
Earlier this year, BHI said it has revived efforts to organize its planned third resort to be located in its property in Cavite. The operator of the resort will be called “Friday’s Paniman Inc.”
BHI added it intends to acquire all the interest in Cala Paniman Inc. by way of another share-sale purchase agreement.
“BHI is purchasing Cala as a vehicle for prospective joint ventures in the resort property sector, with the right partners and compelling synergies,” the firm said.