Quantcast
Latest Stories

Discovery World IPO slated for Aug. 12-19

By

The Philippine Stock Exchange has given its nod to the P1-billion initial public offering planned by Discovery World Corp., developer of upscale beachfront resort Discovery Shores Boracay (in photo).

MANILA, Philippines—The Philippine Stock Exchange has given its nod to the P1-billion initial public offering planned by Discovery World Corp., developer of upscale beachfront resort Discovery Shores Boracay.

Based on an offering memorandum posted by the PSE on Friday, Discovery World’s IPO will run from Aug. 12 to 19 while listing on the main board of the local bourse is tentatively set for Aug. 29.

Discovery World will sell 306 million new common shares at P3.28 per share, bringing 40 percent of its stocks under public ownership. The issue manager and underwriter for the offering is Abacus Capital & Investment Corp.

The company plans to use proceeds from the offering to invest in new businesses (P575 million), retire debt (P325 million) and boost working capital (P55.19 million). All these expenditures are set for the third or fourth quarter this year.

For new business ventures, the company is looking to acquire 20 percent of hotel and restaurant management school Enderun Colleges, 100 percent of cruise operator Discovery Fleet Corp. and to buy into Palawan Cove Corp., a company that owns beachfront properties in San Vicente, Palawan.

Discovery Fleet currently operates one cruise boat with about 50 rooms, offering full diving and non-diving programs. For divers, it packages cruises to Tubbataha Reef, with Cagayancillo and Calusa as add-on options while for non-divers, it offers cruises bound for Pandan Island, Coron and Apo Reef.

Palawan Cove is still under construction and is expected to start operations by the second quarter of 2016.

Discovery World is 66.07 percent owned by JKTC Equities Inc., the investment holding firm of the Tiu family and 33.93 percent by The Discovery Leisure Co. Inc., the company managing Discovery Shores Boracay and the holders of shares in Discovery Fleet and Palawan Cove that the company will acquire.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Discovery World , Finance , initial public offering (IPO) , Philippine Stock Exchange



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • After quake, makeshift churches welcome pilgrims in Bohol
  • UN warns banana fungus spreading from Southeast Asia
  • Massive infra spending set
  • ‘No real progress in PH if dynasties not dismantled’
  • Cardinal Tagle to faithful: Join politics to clean it
  • Sports

  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Power Pinoys settle for 7th place
  • Successful coaches to get raise
  • Lifestyle

  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • The truffled mac ‘n’ cheese, eggs benedict, chicken leg confit are excellent
  • Entertainment

  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Jealousy is kid stuff
  • Mommy-daughter adventure continues
  • Business

  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Gov’t subsidies to state firms fell in first 2 months
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Milpitas, California kids wrap up a successful run of ‘The Wiz’
  • Netizens welcome Japan’s visa-free travel plan
  • Marketplace