C04112-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
Common | 24,249,759,506 | |
Preferred | 8,000,000,000 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
---|
Joint Venture Agreement between Filinvest Land, Inc. (“FLI”) and KMC Community Inc. (“KMC”) |
Background/Description of the Disclosure |
A Joint Venture Agreement for the development, management, operation, and maintenance of flexible workspace facilities offering private serviced office seats and co-working seats in commercial buildings, was executed by FLI and KMC, and was notarized on May 22, 2023. |
Date of Approval by Board of Directors | Apr 24, 2023 |
---|---|
Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
---|
A Joint Venture Agreement (“JVA”) between FLI and KMC (“Parties”) was executed to establish and operate a business for the development, management, operation, and maintenance of flexible workspace facilities offering private serviced office seats and co-working seats in commercial buildings. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
---|
Co-working spaces are a rapidly growing industry that have been experiencing an increase in demand as of late. This growth is being driven by a number of factors, including the rise of remote work, increasing popularity for multiple office venues, and the growing demand for more conducive work environment. Further, due to the incentives allowed by the Philippine Board of Investments and the Philippine Economic Zone Authority to its locators, there is an ongoing shift in the manner that office spaces are used (traditional office) moving forward. |
Amount of investment and/or interest by the parties involved |
---|
Total Amount of Investment is One Hundred Million Pesos. |
Provisions on profit-sharing, arrangements on management and operations |
Profit sharing will be based on equity interest participation in the Joint Venture Company. Subject to the approvals required under the Revised Corporation Code, KMC shall be appointed to manage the business on such terms and conditions as may be agreed upon by the Parties. |
Conditions precedent to closing of transaction, if any |
None. |
Other salient features of the joint venture agreement |
None. |
Name | Nature of Business | Nature of any material relationship with the Issuer and the parties to the joint venture, their directors/officers or any of their affiliates | |
---|---|---|---|
KMC Community Inc. | Co-working Spaces | None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
---|
The transaction has no material effect on FLI’s business, financial condition and operations. |
Other Relevant Information |
None. |
Name | Katrina Clemente- Lua |
---|---|
Designation | Corporate Secretary and Corporate Information Officer |