Pangilinan's MPIC in talks to invest in Discovery World

Pangilinan-led Metro Pacific Investments Corp. (MPIC) is now in talks with the Tiu family's Discovery World Corporation (DWC) for a potential investment in the hotel and resort operator.

In similar filings to the local bourse on Monday, the two parties confirmed exploratory talks for a potential investment as earlier reported by Bilyonaryo.com.

The companies clarified, however, that there have been no definitive agreements signed to date and that negotiations are so far exploratory.

"A few parties have expressed interest, however, these are at their early stages of discussion. Further, there are no discussions of any complete control of the company," DWC said in the filing.

DWC's business portfolio includes Discovery Boracay, Discovery Shores, Platitos Resto-Bar, Sands Lounge, Indigo Resto-Bar, Sunken Pool Bar, Forno Osteria, Estate XI, and 360 Roof Lounge.

It is a subsidiary of JTKC Equities Inc., and counts as subsidiaries Euro-Pacific Resorts Inc., Discovery Fleet Corp., Cay Islands Corp., Palawan Cove Corp., Sonoran Corp., Long Beach Property Holdings Inc., Lucky Cloud 9 Resort Inc., and Balay Holdings Inc.

Meanwhile, MPIC is involved in water, toll roads, power generation and distribution, healthcare services, and light rail and logistics.

Its subsidiaries are Beacon Electric Asset Holdings Inc., Beacon PowerGen Holdings Inc., Metro Pacific Tollways Corp., Maynilad Water Holding Company Inc., Metro Pacific Hospital Holdings Inc., Metro Pacific Light Rail Corp., and MetroPac Logistics Company Inc.

Shares in DWC opened Monday at P5.52 apiece versus last Friday's finish of P5.10; while shares in MPIC opened at P3.95 apiece versus last Friday's P3.99.—AOL, GMA News