Waterfront Philippines plans to borrow more P3B
The board of directors of WATERFRONT Philippines, Inc. has given the go-ahead for the company to secure up to 3.05 billion pesos in additional loan or credit from the Philippine Bank of Communications.
In a statement to the stock exchange on Wednesday, the company said the additional funds will be used for renovations, land acquisitions and to refinance its loan obligations due in September this year.
Waterfront Philippines plans to renovate its hotels in Cebu, Davao and Mactan.
Meanwhile, the company plans capital investment through subscription to its wholly owned units to acquire more land for the development and expansion of hotel operations.
Waterfront Philippines has over a dozen affiliates based across the country. The list includes Waterfront Cebu City Casino Hotel, Inc., Waterfront Mactan Casino Hotel, Inc., Waterfront Insular Hotel Davao, Inc., ACESITE (Phils.) Hotel Corp. or Manila Pavilion Hotel, Waterfront Hotel Management Corp. and Mayo Bonanza. , Inc.
Other subsidiaries are Waterfront Entertainment Corp., Waterfront Food Concepts, Inc., Waterfront Wellness Group, Inc., Grand Ilocandia Resort Development, Inc., Waterfront Promotions Ltd., Waterfront Puerto Princesa Hotel, Inc. and Waterfront Cebu Ventures, Inc. .
Shares of Waterfront Philippines fell 1.09% or 0.005 centavos on Wednesday to close at 0.455 centavos each. — Keren Concepcion G. Valmonte