Ten Knots raising capital to P825 M

MANILA, Philippines –  Ten Knots Development Corp., the owner and operator of the high-end El Nido Resorts in Lagen and Miniloc Islands in Northern Palawan, is raising its capitalization to P825 million from P330 million.

Documents filed with the Securities and Exchange Commission (SEC) show that Ayala Land Inc. (ALI) subscribed to P495 million worth of redeemable preferred shared shares, P247.5 million of which had been paid.

Total paid-up capital of Ten Knots now stands at P577.5 million.

In April last year, ALI forged a joint venture with the group of former Energy Secretary Vincent Perez, the owner of Palawan’s El Nido Resorts, for a P2-billion tourism project. It secured a 60-percent stake in the partnership.

ALI intends to develop more “eco-tourism” projects in Palawan this year, which include a resort in Pangalusian island, also in El Nido, which is expected to begin commercial operations this summer.

Just recently, the group acquired Club Noah Isabelle, a dormant 50-room exclusive resort that sits on a 40-hectare island in Palawan.

Club Noah would be folded into the Ayala-led group’s portfolio of resorts in Palawan and is expected to be at par with the existing El Nido resort in Miniloc.

Plans are also underway to venture into middle-income resort development to cater to a wide customer base.

As part of its aggressive push into tourism development, ALI has ventured into the boutique hotel business under a new brand that would be announced soon. Identified as the first site of this project is in Fort Bonifacio, in front of One Serendra along 11th Avenue.

Other areas would include Quezon City, Alabang and Davao.