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 luxury resort Discovery Shores Boracay, has the approval to hold P1-billion initial public offering (IPO) in August, announced the Philippine Stocks Exchange (PSE).
In an offering memorandum on Friday, July 26, the PSE said its board has allowed the sale of Discovery World’s 306 million primary shares at P3.28 each. The maiden share sales will run from Aug.12 to 19 while tentative listing on the main board of PSE is on Aug. 29.
The property developer will have a public float of 40.05% and market capitalization of P2.5 billion after the IPO.
The offer shares will be distributed as follows: 60% to the general public, 30% to trading participants and 10% to local small investors. Discovery World tapped Abacus Capital and Investment Corp. as the issue manager and lead underwriter for the share sales.
The company was reported to defer its IPO last week, the offering originally intended for listing on Aug. 1.
Read: Genting’s PH unit postpones IPO amid volatility
Proceeds from the IPO will be utilized to fund investments in new businesses, to repay debt and for working capital purposes.
Expansion plans include P575-million business projects, among which is a resort in Coron, Palawan. Further, Discovery World seeks to venture into Palawan’s upscale market by featuring luxury hospitality facilities.
The company is investing P100 million in Discovery Fleet, a cruise operator, and allotting P250 million to acquire 20% interest in Enderun Colleges, a school specializing in hospitality management and culinary arts. The remaining P125 million will be spent on building 12 new villas in Discovery Shores Boracay.
The leisure property developer president, John Tiu, said that the other hospitality facilities owned by the group — including Discovery Hotel in Ortigas, a 7-room bed and breakfast in Tagaytay and a high-end hotel in Makati central business district — may also be folded into Discovery World after the initial offering.
Discovery World is owned by the Tiu family, the 3rd of their firms to be listed in the PSE. They also run remittance firm I-Remit Inc., manufacturing firm TKC Steel Corp., Sterling Bank of Asia and property firm JTKC Land Inc. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.