GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) is dissolving its dormitels subsidiary, Co-Living Pro Managers Corp. (CPMC).
FLI filed an application with the Securities and Exchange Commission (SEC) on Wednesday to shorten the corporate term of CPMC, the property developer said in a regulatory filing.
“The dissolution of CPMC will not have any material impact on FLI,” the company said.
Incorporated in August 2021, CPMC has business interests in developing, operating, managing, and maintaining dormitels, as well as lots and buildings — whether owned or leased — for use as dormitels.
CPMC started commercial operations in November 2023.
Dormitels are dormitories with hotel-like accommodations that provide an alternative to traditional residential offerings.
FLI shares were unchanged at 83 centavos apiece on Wednesday. – Revin Mikhael D. Ochave
