LISTED holding company Phinma Corp. on Friday said its board had approved the shortening of the corporate term of a majority-owned subsidiary, Asian Plaza Inc. (API), to streamline its corporate structure.
LISTED holding company Phinma Corp. on Friday said its board had approved the shortening of the corporate term of a majority-owned subsidiary, Asian Plaza Inc. , to streamline its corporate structure.In a disclosure, Phinma said that its directors, in a meeting on Thursday, approved the dissolution of API, a real property leasing firm where Phinma holds a 57.62-percent interest.
API was incorporated in 2005 and started commercial operations in the same year, with the primary purpose of investing in real properties.In its 2023 annual report, Phinma said that API had signed a contract in March 2022 to sell its condominium unit at Rufino Pacific Tower for P35.8 million, resulting in a net income of P40.77 million for API mainly due to gains booked on that sale.API holds a 36-percent equity interest in Phinma Hospitality, also part of the Phinma group.
Board Oks Asian Plaza Dissolution
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