Discovery World Corp. said its board has approved increase in subscription to its wholly-owned unit, Cay Islands Corp., as part of its ongoing efforts to support its resort business expansion.
DWC will increase its subscription by 300 million shares of CIC, each with a par value of P1.00, amounting to P300 million. This additional investment will serve as working capital for CIC, with the subscription subject to the approval of a proposed increase in CIC’s authorized capital stock from P300 million to P700 million.
The 300 million new shares will represent approximately 42.86 percent of CIC’s total outstanding shares after the capital increase. This move is aligned with DWC’s broader strategic vision, which includes growing its resort and hospitality operations, particularly in the high-demand tourism area of Palawan.
CIC, established in 2008, is a property holding and investment firm known for its flagship projects, including the “Vanilla Beach” property and the “Shoppes at Vanilla Beach” development in El Nido, Palawan. CIC is also poised to launch a new hotel and hostel venture called “Kip&Kin” on the Vanilla Beach property, expanding its presence in the region’s thriving tourism sector.
Previously, DWC had subscribed to 130 million CIC shares in December 2023, bringing its total investment in CIC to P430 million following the latest subscription. With the increase in CIC’s authorized capital, the total outstanding capital of CIC will reach 700 million shares.
This strategic capital infusion reflects DWC’s commitment to leveraging CIC’s assets and expanding its footprint in the fast-growing tourism and hospitality markets.
