Discovery World secures SEC nod for IPO

The Securities and Exchange Commission has approved the planned initial public offering of upscale resort developer Discovery World Corp.

Discovery World, developer of five-star Discovery Shores Boracay, hopes to raise around P1 billion to fund tourism-related businesses, such as the acquisition of a new resort in Palawan, and establishment of a diving cruise operator as well as a hotel and management school. It also hopes to augment its working capital and retire its debt.

Based on documents from the SEC, Discovery World was allowed to sell 306 million new shares at a maximum price of P3.28 a share, turning over 40 percent of the company to the public.

Discovery Fleet currently operates one cruise boat with about 50 rooms, offering full diving and nondiving programs. For divers, it packages cruises to Tubbataha Reef, with Cagayancillo and Calusa as add-on options. 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 the Boracay resort and the holders of shares in Discovery Fleet and Palawan Cove that the company will acquire. Doris C. Dumlao

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