SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – Discovery World Corp., developer of upscale resort Discovery Shores Boracay, is cutting its November initial public offering (IPO) by almost 50%, as it drops plan to invest in Enderun Colleges.
Based on the revised plan sent to the Philippine Sock Exchange (PSE), the property developer would sell only P551 million worth of common shares out of the original P1 billion.
It said that it would no longer acquire stake in Enderun Colleges and recently decided to focus on its tourism businesses.
The development of Palawan Cove Corp. would also be set aside following the firm’s acquisition of Euro-Pacific Resorts Inc, which owns and operates Club Paraduse Resort in Dimakya Island, Coron, Palawan.
From the initial target of 306 million, it would sell 168 million common shares at P3.28 apiece. The 60% represents stock being sold to public while the rest would be allotted for trading participants and small local investors.
The maiden share sale would run from November 8 to 14, while the listing on PSE is slated on November 21.
Discovery World’s market capitalization after the offer would reach P2.05 billion. Proceeds would be used for the purchase of Discovery Fleet and Palawan Cove, debt retirement and working capital purposes.
Abacus Capital and Investments Corp. is the designated issue manager and underwriter.
The Tiu family owns Discovery World and two other listed firms namely, remittance service provider I-Remit Inc. and steel maker TKC Steel Corp.
They also control Sterling Bank of Asia and property firm JTKC Land.
Also scheduled for listing this November are Travellers International Hotel Group, Robinsons Retail Holdings Inc and Concepcion Industries. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.