Listed dormant company Filsyn Corp. said Monday four large companies, including three developers and PLDT Inc., expressed interest in developing its 30-hectare property in Sta. Rosa, Laguna into a telecom park.
Filysn, a former textile company known as Filipinas Synthetic Fiber Corp., in a disclosure to the stock exchange, identified the four groups that offered possible partnerships as SM Investments Corp., Filinvest Land Inc., Century Properties Group Inc. and PLDT Inc.
“For this development plan, the company will consider entering into an appropriate agreements with these corporations,” Filsyn said.
Filsyn said it wanted the development of the Sta. Rosa property to be patterned after Taipei’s Far Easter Telecom Park which primarily caters to all IT-related businesses in information and communication technology, digital content, cloud computing, green technology and intelligent technology.
SM Investments conveyed a plan to acquire 10 hectares of the property, with the remaining 20 hectares to be developed through joint ventures, according to Filsyn.
FLI proposed to implement the project through a 50:50 joint venture partnership with total investment amounting to P30 billion.
Filsyn said CPG, meanwhile, proposed to develop the property at a cost of $500 million to $600 million. It said CPG also planned to invite PLDT, which is looking to build new headquarters south of Metro Manila.
Filsyn said PLDT on its own expressed interest in discussing the feasibility of developing the project in case the planned joint venture development pushed through.
Filsyn said aside from developing the Sta. Rosa property, it was set to implement a financial restructuring plan to address the existing capital deficiency.
Under the plan, the company will reduce the par value of its shares from P5 to P2.50 per share, convert a portion of common shares into preferred shares, issue preferred shares to creditor and a implement debt-to-equity conversion plan.
Trading of Filsyn shares were suspended in the last 15 years. The company was previously engaged in textile manufacturing.
Filsyn, according to the Philippine Stock Exchange website, was originally organized in 1968 as Filipinas Synthetic Fiber Corp. to promote and support the polyester fiber and yarn requirements of the Philippines’ textile industry.
The company changed to its present name in 1987 to reflect its wider range of activities. It has investments in Island King Aquaventure Corp., an aquaculture company, and SRTC Development Corp., a real estate firm.
The company in December 2009 offered its property in Sta. Rosa as dacion in payment of the entire obligation to one of its creditors. The offer was accepted in November 2010, but as of April 8, 2016, the parties have not yet formally executed the dacion en pago arrangement.