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Discovery readies P1-b initial public offering in August

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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