HOSPITALITY firm Discovery World Corp. (DWC) said Friday that its board had approved additional investments in two Palawan-based subsidiaries and a new share issuance to raise working capital.
In a disclosure, the company said the board authorized a subscription to 15 million unissued shares in Palawan Cove Corp. (PCC) for a total of P15 million, increasing the latter’s outstanding capital stock to 115 million shares from 100 million shares.
PCC is a property holding and investment company currently in its pre-development phase for a planned beachfront resort hotel project in Boayan Island, San Vicente, Palawan.
The board also approved a subscription of up to 2.5 million unissued shares in Euro-Pacific Resorts Inc. (EPRI) worth up to P250 million, to be paid in phases, which will raise EPRI’s total outstanding capital stock to 4.75 million shares from 2.25 million shares.
EPRI is engaged in hotel and restaurant operations management and operates Discovery Coron, a private island resort in Coron, Palawan.
The execution of the necessary subscription agreements for the EPRI investment has been delegated to the executive committee.
The board was also said to have approved the issuance of 66 million common shares from DWC’s unissued authorized capital stock at P1.60 per share, which will be fully subscribed by JT Perle Corp. to augment the corporation’s working capital.
JT Perle, which is an existing shareholder that currently owns 33.08 percent of DWC, will increase its stake to 37.88 percent following the additional subscription, while John Y. Tiu Jr. holds 60 percent of the outstanding shares of JT Perle.
DWC said the subscription agreement between the company and JT Perle had yet to be executed.
Discovery World’s share price rose by 14 centavos to close at P1.06 each on Friday.
