Filinvest Land Inc. (FLI), the property unit of the Gotianun clan, is set to cease the operations of two non-operating subsidiaries as part of a strategic effort to streamline its corporate structure.
The two subsidiaries — LeisurePro Inc. and Filinvest Lifemalls Mimosa Inc. — have initiated the dissolution process by applying to the Securities and Exchange Commission, with the intention of shortening their corporate terms.
“These subsidiaries have been inactive and have not conducted any business operations and transactions,” FLI said as it justified its move.
LeisurePro, established on April 21, 2004, initiated commercial operations on January 1, 2006, but has remained inactive since 2010, despite its business nature being marketing.
In contrast, Filinvest Lifemalls, incorporated on January 23, 2017, never commenced its commercial operations. Its primary objective is the acquisition, ownership, development, and management of various types of real estate assets.