By Jenniffer
B. Austria | Posted on Jul. 27, 2013 at 12:01am
[
manilastandardtoday.com ]
The
Philippine Stock Exchange approved the P1-billion initial public offering of
Discovery World Corp., the property developer of high-end resort Discovery
Shores Boracay.
The PSE said
in a memorandum Discovery World planned to sell 306 million primary shares to
the public at an offer price of P3.28 apiece next month.
The offer
period was set from Aug. 12 to Aug.19, while listing date was scheduled on Aug.
29. The shares will be listed under the
first board of the PSE.
It said after
the IPO, Discovery World would have a public float of 40.05 percent and market
capitalization of P2.5 billion.
About 60 percent
of the offer shares would be sold to the public, 30 percent through trading
participants and 10 percent to local small investors.
Abacus
Capital and Investment Corp. was tapped as the issue manager and lead
underwriter for the offering.
Discovery
World said it has a dividend policy of distributing to shareholders at least 10
percent of the company’s income for the previous fiscal year.
Proceeds from
the maiden offering would be used for investment in new businesses, debt
retirement and working capital purposes.
The company
plans to spend P575 million for new businesses including a resort in Coron,
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.
It is
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 build another 12 villas in Discovery Shores
Boracay.
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