FLI shuts down Filinvest Lifemalls Mimosa

Filinvest Land Inc. (FLI), the property arm of the Go-tianun family, is shutting down its wholly owned subsidiary, Filinvest Lifemalls Mimosa Inc. (FLMI), in line with efforts to enhance operational efficiency.

- By RICHMOND MERCURIO

FLMI has filed with the Securities and Exchange Commission an application for the amendment of its articles of incorporation to shorten its corporate term.

FLI said the step ensures all corporate entities within the group remain aligned with the group's long-term strategic and operational priorities.

Furthermore, it said that the closure is a rational organizational step for the group, as FLMI contains no assets, operates no business and has no registered employees.

"As we continue to strengthen our organizational structure, it is important that every entity within the Filinvest Land group contributes to our growth objectives.