Discovery World Corp. is shoring up its war chest as it approved fresh capital infusions into two wholly-owned subsidiaries, and a 66 million share issuance to bolster working capital and support resort expansion.
The board cleared a P15 million additional subscription to Palawan Cove Corp. through the purchase of 15 million shares at P1.00 each. PCC, incorporated in 2008, is in pre-development for a beachfront resort hotel project on Boayan Island in San Vicente, Palawan. Activities include permit acquisition, site surveys, master planning and consultant engagement. The investment aligns with Discovery World’s push to grow its resort footprint in high potential tourism destinations.
In a separate move, the company approved a P250 million capital infusion into Euro Pacific Resorts, Inc. via the subscription to 2.5 million shares priced at P100 each. EPRI operates Discovery Coron, a private island resort on Dimakya Island in Coron, Palawan, and has been managing hotel and restaurant operations since 1989. The fresh funds will support working capital and ongoing operations.
Discovery World’s board also approved the issuance of 66 million shares from its unissued authorized capital stock at P1.60 per share, fully subscribed by existing shareholder JT Perle Corp. The transaction will raise about P105.6 million in additional capital.
Following the subscription, JT Perle’s stake will increase from 33.08 percent to 37.88 percent. The holding firm is majority owned by John Y. Tiu Jr.
The twin capital infusions and equity raise signal Discovery World’s intent to deepen its presence in Palawan, one of the country’s premier tourism corridors, while reinforcing its balance sheet for near term growth.
