SEC approves FLI’s P1-B club share offer

The Securities and Exchange Commission (SEC) has approved the P1-billion share offering of Filinvest Land Inc.’s Timberland Sports and Nature Club (TSNC).

Proceeds from the sale will be used by TSNC to put up a P600-million world-class sports and nature club which will rise in a 81,955-square meter property in San Mateo, Rizal.

Based on the registration statement filed with the SEC, TSNC will offer 3,000 common club shares at P300,000 per share. The offer price was based on a comparative review of club shares of similar sports and country clubs.

TSNC plans to sell the shares through in-house membership team. The shares would be sold for a period of five years.

FLI said it is committed to complete the said project even if there is little demand for the club shares.

Funding will come from a combination of cash infusion and borrowings.

The club will be built in two phases with the first phase expected for completion in November 2006. Phase II, on the other hand, is slated for completion by December 2007.

Aside from the TSNC, the Filinvest Group has developed and currently holds majority control of The Palms Country Club in Filinvest Corporate City.

The Filinvest Group is one of the country’s biggest real estate developers. Apart from leisure and nature clubs, the group is engaged in various real estate projects including housing, leisure farms and technology parks.