MANILA, Philippines -- Fil-Estate Corp. (FEC), the Sobrepeña-led Fil-Estate group?s holding company for Metro Railway investments, has deferred until mid-2010 its takeover of a 30-percent interest in leisure estate developer Camp John Hay Development Corp. (CJHDevCo).

Two years ago, affiliate Fil-Estate Management Inc. (Femi) and other registered shareholders of CJHDevCo signed a deed of assignment on a 30-percent equity interest equivalent to 1.5 million shares in the Baguio developer in favor of FEC.

?The parties agreed to extend the closing date of the transaction to June 30, 2010,? FEC said in a disclosure yesterday.

The infusion of the 30-percent equity in CJHDevCo was planned through a share swap. FEC will give up to 450 million of its shares to its affiliate at P1 each, based on the earlier swap blueprint.

The deed of assignment by Femi of its equity interest in favor of FEC was signed in 2007, in conjunction with CJHDevCo?s active discussions with certain property developers and business process outsourcing operators who intend to invest in the Camp John Hay area in Baguio, the country?s summer capital.

By acquiring a stake in the Camp John Hay development, FEC is effectively diversifying its interests. In its latest financial report, FEC said it would pursue its new business mandate of getting involved in property projects relating to resort/leisure and entertainment facilities.

?A more aggressive outlook in property development is also being adopted by the company in view of an upsurge in the business process outsourcing sector and the increase in demand for retirement and leisure homes. Further, the company?s long-term financial performance is also expected to be positively affected by moves of its parent company to forge strategic alliances with other major property developers and to tap funding partners based outside the Philippines,? the company said.

FEC continues to be a stakeholder of the Metro Manila Rail Transit project through its holding company, Metro Rail Transit Holdings Inc., and its subsidiary Monumento Rail Transit Corp. Its combined investment in the two holding companies represents a 29-percent interest in the Edsa MRT system (MRT-3).

For its part, CJHDevCo is planning the expansion of its tourism and leisure complex with 20 hectares of new development out of the 247-hectare former rest and recreation facility of the US military. The Fil-Estate group expects the profitability of CJHDevCo to be boosted by such investments.

The state-owned Bases Conversion Development Authority, which bid out the Camp John Hay concession during the Ramos administration, has already approved the transfer of the 30-percent stake to FEC.