Discovery World increases stake in four subsidiaries

 Discovery World increases stake in four subsidiaries

DISCOVERY WORLD Corp. has increased its subscription in four subsidiaries in a move to create opportunities for the company’s resort business.

In four separate disclosures on Thursday, Discovery World announced the decision of its executive committee to increase the company’s subscription in its subsidiaries, namely: Palawan Cove Corp., Lucky Cloud 9 Resort, Inc., Balay Holdings, Inc., and Cay Islands Corp.

Discovery World said it increased its subscription in Palawan Cove by 10 million shares with a par value of P1 per share, amounting to P10 million, which will be used as working capital.

With the new subscription, the company said the resulting outstanding capital stock of Palawan Cove will be 90 million shares, from the previous 80 million shares.

Palawan Cove is the owner of Boayan Island, a predevelopment site for a diving and snorkeling destination.

Discovery World also increased its subscription in Lucky Cloud 9 Resort by 40 million shares with a par value of P1 per share, equivalent to P40 million.

“Lucky Cloud 9 Resort, Inc. owns real property in General Luna, Siargao, Surigao Del Norte, and this property will be used as a site for hotel and hostel developments,” the disclosure said.

Discovery World said the subscription amount will be paid in tranches. The initial payment will be 25% of the subscription price, at P10 million.

“Lucky Cloud 9 Resort, Inc., should file an application for increase in authorized capital stock from P140 million to P200 million, and duly approved by the Securities and Exchange Commission (SEC),” the disclosure said.

According to the company, the total outstanding capital stock of Lucky Cloud 9 Resort will increase to 180 million shares from the previous 140 million shares.

Discovery World also disclosed the increase in its subscription in Balay Holdings by 10 million shares with a par value of P1 per share, amounting to P10 million.

“Balay Holdings, Inc. is seen to own real properties in Boracay to be used as the staff house of the employees of the company,” the disclosure said.

The additional shares will increase Discovery World’s subscription to 100 million shares from 90 million shares.

“Balay Holdings, Inc.’s initial application for an increase in authorized capital stock to P50 million has been revised to P100 million,” the company said.

“Currently, Discovery World owns 800,000 shares of Balay Holdings, Inc. and the percentage to the total outstanding shares reflected is subject to the SEC approval of the application for increase of BHI’s authorized capital stock,” it added.

The company also announced an increase in its subscription in Cay Islands by 40 million shares with a par value of P40 million, amounting to P40 million.

“Cay Islands owns real property in El Nido, Palawan used as a site for its retail development ‘Shoppes at Vanilla Beach’ and other planned hotel and hostel developments,” the disclosure said.

Discovery World said the subscription will be paid in tranches, with the initial payment amounting to P10 million.

Shares in Discovery World at the stock exchange rose 26.67% or 80 centavos to end at P3.80 apiece on Thursday. — Revin Mikhael D. Ochave

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