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Tuesday, January 21, 2003
Casino Español to spend P300M for new social, sports facilities
By Jessica B. Natad
THE construction of the new clubhouse of Casino Español de Cebu Inc. started with a groundbreaking ceremony held over the weekend.
According to the club’s president and chairman of the board, Jesus Cuenco, the 83-year-old organization, which seeks to promote and enhance the Spanish culture and language among Cebuanos, would invest P300 million for its new two-story clubhouse.
He told Sun.Star that the members of the club had decided in 1999 yet to totally demolish the 55-year-old clubhouse and construct a new one to be able to provide members with new and upgraded facilities.
Cuenco said the clubhouse, which has a floor area of 4,500 square meters constructed on 9,000 square meters of property, would be ready to serve its members by next year.
In the meantime, it is renting an old house near its lot on V. Ranudo street to serve its members while the new club is being constructed.
Cuenco said the club had decided to convert its juridical structure from being a non-proprietary to being a proprietary membership club in 1999 to be able to raise funds for the construction of the new clubhouse.
After registering with the Securities and Exchange Commission, the club offered to its members 1,500 proprietary shares with an initial price of P200,000 per share, he said.
Cuenco said that so far, some 1,050 proprietary shares had already been sold. The club is withholding the 450 remaining shares as treasury shares until such time that they can be disposed of, preferably to members.
He said the club would not compete with other companies in offering venues for events, as its focus is only to serve the needs of its members.
The new clubhouse would have an Olympic-sized swimming pool and children’s pool, ball courts and other recreational and sports facilities with new equipment and furnishing, and a social hall that can accommodate 1,000 people.
The club now has more than 100 members.
Cuenco said the club had evolved from being an exclusive Spanish club to one accepting anyone interested in promoting and enhancing the Spanish culture and language.
(January 21, 2003 issue)
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