Sumitomo Mitsui-led group offers to invest $10M in Boulevard Holdings

MANILA, Philippines—A foreign consortium led by the Sumitomo Mitsui Bank of Japan has offered to invest $10 million in one of the resort units of publicly listed Boulevard Holdings Inc.

But BHI said it viewed such an offer only as “preliminary discussions,” which might or might not result in an actual deal. The Panlilios’ Boulevard Holdings Inc. wrote to the Philippine Stock Exchange in response to a query about its extraordinary price movement.

Shares of BHI, one of the most actively traded at the stock market on Monday, surged by 50 percent to a 52-week high of P0.207 per share.

“The priority is to find the right foreign partner for the marketing and operational synergies of our resort properties to clearly grow revenues,” BHI said.

It was earlier reported that BHI was raising P500 million to boost its tourism ventures and roll out more Fridays beach resorts.

BHI wants to fund the project developments of Fridays Boracay, Fridays Boquete and Fridays Paniman.