SEC registers Concepcion family’s Real Dev’t Co

The Securities and Exchange Commission (SEC) has approved the registration of the Concepcion family’s Real Development Co. Inc. (RDCI) for the sale of 8.3 million timeshares.

RDCI owns and operates various hotels/tourist establishments.

It belongs to the umbrella of the Arcon Group Holdings Inc. which includes the Days Inn Philippines, the holder of the Days Inn hotel master Franchise.

The shares – called Vacation Club International Holiday Credits – will be sold at P80 each or an aggregate price of P664.2 million.

The purchase of VCI Holiday Credits entitles members to annual points which are redeemable in any VCI establishment during the purchaser’s membership term.

The annual points entitlement represents the value of goods and services that can be availed of by the club members in any of the establishments for a given year.

However, the company allows club members to carry over their annual entitlement only up to the following year.

The buyers will also have access to facilities and amenities in the various club establishments.

The establishments/hotels available for use by the holders of the holiday credits are Days Hotel Tagaytay, Days Hotel Batangas City, Days Hotel Mactan Cebu, Sunette Towers Hotel Makati, Bahia de Bais Hotel, Bais, and Virra Batulao Vacation Villas.

Proceeds from the offering will be used to pay off advances from the Arcon Group (P180 million), settle bank loans (P142 million), and finance expansion program (P100 million).

The firm’s expansion program includes the acquisition of additional establishments fron non-affiliated/related persons such as the renovation of the Lucban Village Inn in Lucban, Quezon and the Josefino Hotel, Baguio City for P50 million each.

Formed on July 22, 1993, RDCI has an authorized capital stock of P100 million. Listed as officers and directors of the company are Jesusa Concepcion, Reynaldo Concepcion Jr., Christopher Concepcion, Ma. Elena Concepcion, James Concepcion, Alberto Mallari, and Filomena Alabado.