Filinvest Land Inc. (FLI) announced on Tuesday that it will dissolve an inactive subsidiary, Property Leaders International Limited (PLIL), which is incorporated in the British Virgin Islands (BVI). The company said PLIL will be struck off the BVI Register of Companies and formally dissolved on 1 November. FLI disclosed that PLIL, incorporated on 7 February 2017 as a company limited by shares, holds no material assets or liabilities. “Its expected dissolution is not anticipated to have any material impact on FLI’s financial position, business or operations, or on its stockholders,” the developer said in a filing to the Philippine Stock Exchange. No financial costs associated with the dissolution were disclosed. The move is part of FLI’s broader effort to streamline its corporate structure. In September, the developer also filed applications with the Securities and Exchange Commission to dissolve three wholly‑owned subsidiaries—Proleads Philippines Inc. (PPI), Realpros Philippines Inc. (RPI), and Filinvest Lifemalls Mimosa Inc. (FLMI). The applications were submitted on 16 September. PPI and RPI were created to provide marketing and administrative support for FLI’s real‑estate projects, while FLMI had not commenced commercial operations since its incorporation. FLI stated that these subsidiaries also had no material assets or liabilities and that their dissolution would not materially affect the company’s finances or operations. Marketing functions from PPI and RPI will be transferred to other entities, and the Mimosa Lifestyle Mall project will remain under Filinvest Clark Mimosa Inc. Overall, FLI said the removal of these inactive entities will not materially impact its existing business activities or shareholder value.
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