PANLILIO-LED Boulevard Holdings Inc. said it is selling a 30-percent stake in Friday’s Holdings Inc., its unit that owns and operates its resort in Boracay Island in Aklan.
The company said in its disclosure to the Philippine Stock Exchange that it appointed Jones Lang LaSalle (JLL) as its market agent to seek interested investors for the 30-percent stake in the company that owns Friday’s Boracay Beach Resort.
“The strategic change in equity structure is in connection with the planned expansion and development of its beach resort to improve its facilities by constructing up to 100 keys to 120 keys to service the increasing 30,000 repeat guests from all over the world who have enjoyed their stay at [Friday’s],” the company said.
The expansion costs are estimated at P600 million.
“The offer to JLL as market advisory agent was approved during the Boulevard Holdings’s special meeting of the board on August 26, and was just acknowledged [Monday] by JLL,” the company said.
The company said in its report that it had P14.81 million in sales for its fiscal first quarter ending August.
The said figure is 13 percent higher than last year’s P13.08 million. For August alone, it had sales of P7.26 million from last year’s P5.3 million.
Most of the sales came from Friday’s Boracay.
Its masterplan for the said expansion was designed by Palafox and Associates. In March Boulevard Holdings said it regained control of the beachfront area of its Friday’s Boracay in Aklan that was taken over by the lot’s former owners.
“After one year and one month of losing control, we are happy to report that we have reoccupied our 2,600-square-meter prime Boracay beachfront parcel, and are now in control of the area,” the company said.
The parcel of land was occupied last year by former owners Mila Yap and Datu Yap.