Panlilios to take over Cavite resort

MANILA, Philippines—Boulevard Holdings Inc., the Panlilios’ holding firm for tourism ventures, has entered into a deal to take over a niche property developer that owns the 21-hectare resort community Crestagrande on Paniman Bay in Cavite.

In a disclosure to the Philippine Stock Exchange on Friday, BHI said it would acquire a 100-percent interest in a company called Cala Paniman Inc. through a share sale-purchase agreement. Cala’s financial and operating results will thus be consolidated into BHI’s own financial statements once the agreement is finalized.

Cala, led by its president Martin Chan, is a corporation established in 2003 and engaged in the development and marketing of real estate.

“BHI is purchasing Cala as a vehicle for prospective joint ventures in the resort property sector, with the right partners and complementing synergies,” the disclosure said.

Cala owns Crestagrande, a leisure estate overlooking the West Philippine Sea (South China Sea) and Corregidor Island.

After the completion of the required due diligence and approval by the BHI board of directors, the details of the investment and the subsequent partnership will be finalized and disclosed to the public, the disclosure said.

Crestagrande is located on a large ridge that divides the Paniman Valley and the Puerto Azul Golf and Country Club, Inc. Its ridge is one of the fingers that form the Paniman Cove.

It was earlier reported that BHI was raising P500 million to boost its tourism ventures and roll out more Friday’s beach resorts, including one in Paniman.

The company, which has a market capitalization of about P2.2 billion, earlier sold out of the information technology business to boost its hotel and resort development.

BHI’s shares have risen sharply since July this year, reaching a 52-week high of P0.325  It was actively traded on Friday following the announcement of the Paniman deal, starting out strongly but profit-taking brought its share price 3.3 percent lower to P0.29 per share.