GOTIANUN-LED real estate investment trust Filinvest REIT Corp. (FILRT) said that a property-for-share swap with sponsor Filinivest Land Inc. (FLI) involving Festival Mall-Main Mall could provide a 30-percent boost to its profits.
GOTIANUN-LED real estate investment trust Filinvest REIT Corp. said that a property-for-share swap with sponsor Filinivest Land Inc. involving Festival Mall-Main Mall could provide a 30-percent boost to its profits.FLI and FILRT agreed last month to enter the swap, with FLI transferring its Festival Mall-Main Mall in Filinvest City, Alabang, Muntinlupa to FILRT in exchange for around1.63 billion primary common shares.The deal has a transaction value of approximately P6.26 billion, or P3.
'The SEC's approval of the transaction is anticipated to be issued by May 2025, while the issuance of the certificates authorizing registration by the relevant revenue district office of the Bureau of Internal Revenue is targeted within the third quarter of 2025,' FILRT said.'The transaction will close upon the listing of the shares with the PSE,' it added.
Swap Seen To Boost FILRT Profits
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