Discovery World Corp. (DWC) has approved capital infusions totaling P577.2 million into four wholly owned subsidiaries. The funds will be used for various purposes, including expanding property holdings, increasing authorized capital stock, and providing working capital.
LISTED resort developer Discovery World Corp. (DWC) said Tuesday that its board of directors had approved infusions totaling P577.2 million into four wholly owned subsidiaries via subscriptions.In a disclosure, DWC said it would be subscribing to some 300 million shares, at P1.00 apiece, amounting to P300 million in Cay Islands Corp. (CIC).This will increase its total investment in the firm to P430 million following the P130 million approved by the board last year.
CIC is a property holding and investment company that owns and operates Vanilla Beach and Shoppes in El Nido, Palawan.DWC is also infusing P5 million in Lucky Cloud 9 Resorts Inc. (LC9) by subscribing to an additional 5 million shares at P1 apiece.This will bring the company's total subscription and investment to P60 million.LC9 is currently developing 26,127 square meters of property in General Luna, Siargao, Surigao del Norte.Meanwhile, LC9 unit One Davao Townships Corp. (ODTC) will receive P265 million, to be used as working capital, with P200 million to be used to increase authorized capital stock and P105 million to be paid in cash.DWC will also subscribe to an additional 7.2 million shares in Balay Holdings Inc. (BHI), or P7.2 million as additional working capital.All subscriptions will take effect upon approval of the Securities and Exchange Commission.The increase in authorized capital stock includes the following: CIC from P300 million to P700 million, LC9 from P200 million to P300 million, ODTC from P100 million to P300 million and BHI from P3.2 million to P130 million.Discovery World's share price rose by a centavo to close at P1.22 each on Tuesday
INVESTMENT RESORT DEVELOPMENT DISCOVERY WORLD CORP SUBSIDIARIES CAPITAL INFUSION
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