Prior to GIC’s equity deal in MPIC Hospitals and Century Canning, GIC’s last major investment in the Philippines was in November last year when it acquired a 5.6-percent stake in Ayala-led Bank of the Philippine Islands.- Doris C. This must be another reason why MVP had been frequenting Singapore recently-to bring some Singaporean financial muscle to the fast-growing chain of hospitals in the Philippines. MVP.įrom what we hear, MPIC will keep 60 percent of the hospital business while ceding 40 percent to GIC. (GIC) is said to be buying into the hospital business of Metro Pacific Investments Corp. LucasĪfter investing in Century Canning Corp., the holding and management company of the Po family, sovereign wealth fund Government of Singapore Investment Corp. It is not surprising therefore that the current 11-man board is composed of seven nominees from Ayala and four from the previous management group.”Īttempts to have a dialogue with the club’s chair have proved futile, and now Dumlao wonders if the leadership’s move of “keeping us in the dark” about the liquidation process is “a ploy so that Ayala Land can continue to take over the remaining property to develop and sell at a tremendous profit but to the exclusion of CHGCCI shareholders.”ĭumlao’s request is simple: convene a special stockholders’ meeting for the board to apprise members of the latest developments. “What remains now of the current golf course is a much shorter, par 62 ‘executive course’ which has given way to Ayala Land’s Ayala Heights subdivision. “There was a time when the club had 27 holes with nine of them lighted,” he said. His bigger concern is what the current board intends to do with the remaining premium real estate that the golf course sits on. “It is my understanding that the current board had constituted itself as board of liquidators sometime in June 2011 but to this date, shareholders have not received any formal report of its proceedings or results,” Dumlao said.
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But of course, it still does, because the Corporation Code allows the club three years “to convey all its property to trustees for the benefit of the stockholders, members, creditors, and other persons in interest.”
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