MANILA, Philippines - Former textile
manufacturer Filsyn Corp. said it has entered into talks with property firms for the development of its lots in Laguna and Cavite...
To date, it has investments in Island King Aquaventure Corporation, an aquaculture company, and SRTC Development Corporation, as real estate company. In August 1989, Filsyn concluded and Investment Agreement with Far Eastern Textile Ltd. (FETL), a leading polyester manufacturer in Taiwan. The Agreement was not only limited to equity
investment but also covered technical assistance, cooperation and marketing support.
The development or sale of idle landbank is in line with Filsyn’s efforts to turn around its negative stockholders equity, it said.
“Filsyn has ongoing discussions and negotiations with real estate companies for potential joint venture arrangement to develop the 30-hectare property located in Sta. Rosa, Laguna,” the firm said in a disclosure to the Philippine Stock Exchange (PSE).
Filsyn is also conducting negotiations with interested parties for the sale of a property in Gen. Mariano Alvarez in Cavite, it added.
As of end-March, the company had a capital deficiency of P993.18 million, slightly lower than the P994.01 million a year ago.
In terms of existing debts, the listed firm has yet to transfer to creditors its Sta. Rosa property pending tax implications and restrictions on land ownership, Filsyn said.