Resort owner to hold IPO

Discovery World aims to raise P1B for expansion

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Discovery World Corp., operator of upscale beach resort Discovery Shores Boracay (in photo), is planning to debut on the local stock exchange to raise as much as P1 billion for its expansion program.

MANILA, Philippines—Discovery World Corp., operator of upscale beach resort Discovery Shores Boracay, is planning to debut on the local stock exchange to raise as much as P1 billion for its expansion program.

Based on a registration statement filed at the Securities and Exchange Commission on March 13, the Aklan-based resort operator plans to offer up to 306 million primary common shares at a maximum price of P3.28 each. This will bring to public hands about 40.5 percent of the company’s outstanding stocks after the initial public offering (IPO).

The company has mandated local investment house Abacus Capital and Investments Corp. as the issue manager and underwriter for the IPO, based on the registration statement signed by Discovery World president John Tiu.

It plans to use the proceeds from the offer for investments in new businesses, expansion of current businesses, debt retirement and working capital.

The company operates Discovery Shores Boracay located at Boat Station 1 of the world-famous Boracay resort island.

The major shareholders of the company are JTKC Equities Inc., owning 66.07 percent, and The Discovery Leisure Co. Inc. (TDLCI)—the company managing the resort—owning 33.93 percent.

The company will sell the shares by citing the following competitive strengths: recognized brand name, strategic location, service track record, excellent facilities and value for money. It had a P961.17-million balance sheet as of end-2012, of which total equity was P556.56 million.

Based on a regulatory filing, Discovery World posted a net profit of P21.38 million on the back of P366-million revenue in 2012.

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  • NoWorryBHappy

    Hmmm. Mukhang promising.
    Buy 10,000 shares, pwede na.
    But ONLY if you have money to spare.

  • Echuserang_Froglet

    wow ha ampalaya ang mga comment sa baba. bwahahahaha

  • koolkid_inthehouse

    P961Billion assets with only P21Million fiscal year profits?

  • http://pulse.yahoo.com/_3J3IHTI75VVG6EXQ5G3GEUYMLQ Tsinoy Texas Boy

    I THINK SIARGAO AND PALAWAN AND CARAMOAN ARE ALL NICER THAN THE SEWER INFESTED WATER OF BORACAY — THATS MY OPINION I WONT BE GOING TO BORACAY ANYMORE

    • FernandoBusi

      Hey keep that a secret one you get people going to these place incompetent local governments would ruin it.

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