The initial public offering of the Tiu family's leisure business, which runs Discovery Shores Boracay, has been approved by the Philippine's The Securities and Exchange Commission.
On Friday, the Commission Secretary Gerard Lukban said the SEC en banc authorized the first share deal of Discovery World Corp.
Based on a past regulatory filing, Discovery World is offering 306 million common shares with a price of around PHP3.28 per share. Discovery World stated it projected to raise aroundPHP1.004 billion. The shares stand for 40% of its issued and outstanding common shares and will be stated under the main board of the Philippine Stock Exchange.
The issue administrator and underwriter of the offering will be Abacus Capital & Investment Corp.
Net earnings from the share sale will fund ventures in new businesses within Discovery, growth of the existing ones, debt retirement and working capital.
JTKC Equities Inc, the investment holding firm of the Tiu family, owns a 66.07% stake in the company and TDLCI owns the remaining 33.93% of its shares.
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