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Discovery to absorb new hotels after IPO

By Jenniffer B. Austria | Posted on Jul. 22, 2013 at 12:01am | 
Discovery World Corp., the operator of high-end resort Discovery Shores Boracay, plans to absorb other hotels and resort developments owned by the group, after the P1-billion initial public offering slated in August or September.
Discovery World president John Tiu said Discovery Suites Hotel in Ortigas, a seven-room bed and breakfast hotel in Tagaytay, and another high-end hotel in Makati might be included in the company.
“There is possibility to include other hotels and resort development into the company to make it a truly resort development company,” Tiu said.  Such plan would come after the IPO.
Tiu said the IPO might happen by mid-August or September, depending on market conditions.
“Definitely it would be this year,” he said.
Tiu said there would be no changes in the terms of the offering.  Discovery World, in the final prospectus approved by the Securities and Exchange Commission, said it would offer 306 million common shares at maximum offer price of P3.28 apiece.

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