Fil-Estate asks for more time to explain John Hay issue

Listed realty firm Fil-Estate Corp. has asked the Philippine Stock Exchange to give it more time to supply additional information on its acquisition of a stake in Camp John Hay Development Corp. In a letter to the Philippine Stock Exchange, Fil-Estate said it would need 30 days to give the PSE details on the transaction. “We will submit to the Exchange the necessary information pertaining to the transaction. We will need, however, more time to do so," Fil-Estate said in its letter. “Thus, we are constrained to ask an additional period of 30 days from today (March 20) to make the submission," it added. The PSE suspended trading of Fil-Estate shares after property developer announced on Monday that it had received board approval to acquire 30 percent of Camp John Hay Development Corp. from its unit Fil-Estate Management Inc. Camp John Hay Development Corp. has a 25-year lease with the government to manage Camp John Hay in Baguio City. The transaction is to be done via stock-to-stock swap. Fil-Estate said the deal will take effect once it secures the necessary government approvals.-GMANews.TV