The Securities and Exchange Commission approved the petition of Timberland Sports and Nature Club Inc., owned by Filinvest Land Inc., to voluntarily revoke its permit to sell securities.
The SEC in an order granted the company’s request for voluntary revocation and slapped the company with P337,642 in penalty for the planned revocation.
TSNCI said it would return the investments of current club shareholders and members in the amount equivalent to the present fair market value of the shares.
The club as of August 15, 2017 had 134 stockholders. The list includes both Class A and Class B shares.
“Considering that the petition and the documents attached thereto are complete and that no party stood to suffer any damage from the renovation, an order revoking the registration of the club may be issued,” the SEC said.
The SEC said no party had also come forward to oppose the TNSCI’s petition.
The SEC originally imposed a penalty of P1.205 million against TSNCI, prompting the club to request for a reprimand instead of the fine.
The SEC decided to reduce the penalty to P337,624 instead of P1.205 million.
Opened in 2008, the club is situated within the master-planned Timberland Heights, a vast 677-hectare resort town development of Filinvest Land in San Mateo, Rizal province.
Just a 15-minute drive from the Batasang Pambansa in Quezon City, the nine-hectare sports, and recreational development offers a wide range of activities and amenities for the entire family, including nature activities, sports and recreation, spa and fitness, as well as overnight accommodations.