By Jenniffer
B. Austria | Posted on Jul. 13, 2013 at 12:02am | manilastandardtoday.com
Discovery
World Corp., a high-end property developer owned by the Tiu family, plans to
hold a P1-billion initial public offering next month.
Discovery
World, based on the final prospectus approved by the Securities and Exchange
Commission, will offer 306 million common shares at a maximum price of P3.28
apiece.
The offer
period is set on July 23 to July 29 while the listing date is scheduled on Aug.
1.
The shares,
which will be listed under the first board of the Philippine Stock Exchange,
represent 40.5 percent of the company’s issued and outstanding common shares.
Discovery
World hired Abacus Capital and Investments Corp. as issue manager and
underwriter for the offering.
It said it
would use net proceeds from the offering to finance investment in new
businesses, expansion of existing businesses, debt retirement and working
capital.
Discovery
World operates Discovery Shores Boracay, a resort hotel in Boracay. The company
allotted P575 million for new businesses, including a resort in Palawan.
The leisure
development firm is also looking at entering the resort hotel business in
Palawan that will feature world-class, five-star facilities for the upper class
market.
The company
is also allotting P100 million to invest in a cruise business and P250 million
to acquire a 20-percent interest in Enderun Colleges, a school offering
programs in the field of hotel and restaurant management and culinary arts.
Discovery
World is spending P125 million to expand Discovery Shores Boracay starting this
year. The company under the plan will construct 15 new bedrooms and villas.
Discovery
World posted a net income of P38 million in 2012, down 38.7 percent from P62
million a year ago, even as revenues increased to P366 million from P348
million.
Discovery
World will be the third Tiu-owned company to be listed in the PSE.
The Tiu
family also owns remittance firm iRemit Inc. and TKC Steel Corp.
Aside from
Discovery, iRemit and TKC, the Tiu family owns Sterling Bank of Asia, Discovery
Suites in Pasig and Tagaytay and JTKC Land.
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