Discovery World Corp., a listed company engaged in the hotel and resort business, has abandoned its dream of hitting the jackpot when it ventured into cryptocurrency and non-fungible token sectors
DWC on Friday announced its board’s approval of the company’s decision to divest itself of the 70 percent stake in True Ally Ventures Ltd. at a proposed price of P4.2 million.
True Ally, registered in the British Virgin Islands, was initially established by DWC to explore opportunities in cryptocurrency and NFT, particularly in blockchain gaming and related services aimed at building the open metaverse.
“The sale of shares will raise capital for the corporation, thereby improving its balance sheet and avoiding recognition of loss from the investment. The sale will also allow the corporation to focus on its core operations and competencies thereby streamlining its operations and concentrate resources on areas where it has a competitive advantage,” DWC told the stock exchange.
The divestment underscores DWC’s commitment to prioritizing core operations while strategically managing its portfolio to enhance shareholder value and sustain long-term growth.
DWC is a subsidiary of JTKC Equities, Inc., a holding company investing in real estate companies, predominantly in the leisure and hospitality sector.
The listed company operates its hotel and resort business under the brands Discovery Shores Boracay and Club Paradise Palawan. Its cruise business operates through Discovery Fleet while Shoppes at Vanilla Beach runs a retail strip in El Nido, Palawan.
