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Fil-Estate Corporation Board of Directors approves the conversion of liabilities to equity and many others
1. The conversion into equity of an additional Two Hundred Million Pesos (P200,000,000.00) liabilities of the Company to Fil-Estate Management, Inc. FEMI) into Two Hundred Million (200,000,000) common shares of the Company at par value of One Peso (P1.00) per share;
2. The deferment of the assignment, transfer and conveyance, in favor of the Company, of FEMI's thirty percent (30%) equity in Camp John Hay Development Corporation (CJHDEVCO) until the resolution of the dispute between CJHDEVCO and the Bases Conversion Development Authority;
3. The acceptance by the Company of the infusion by Mt. Zion Memorial, Inc of properties valued at Five Hundred Million Pesos (P500,000,000.00) in exchange for Five Hundred Million (P500,000,000) common shares of the Company at par value of One Peso (P1.00) per share.
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