Discovery World to go public

The Tiu family is taking Discovery World Corp. public with plans to raise as much as P1 billion from a maiden share sale.

 

Its registration statement filed with the Securities and Exchange Commission, Discovery World, which operates Discovery Shores Boracay Resort, is offer 306 million shares to the public at a maximum price of P3.28 apiece.

 

The shares represent 40.05 percent of Discovery World’s issued and outstanding shares after the offer.

 

Discovery World is 66.07 percent owned by JTKC Equities, the investment holding firm of the Tiu family which has interests in steel manufacturing, mineral production, financial services, securities trading, fund transfer and remittance.

 

The company posted a net income of P21.3 million last year, down from the P62.64 million in 2011 due to higher expenses. — VS, GMA News