LISTED hotel and resorts operator Discovery World Corp. (DWC) said Friday it is acquiring 100 percent of Balay Boracay Corp. in line with its vision to expand its resorts business.
DWC will subscribe to 800,000 shares of Balay Boracay with a par value of P1 per share or a total of P800,000.
“This acquisition is in line with DWC’s business and will create opportunities for expansion of the corporation’s resort business,” the company said in a filing with the Philippine Stock Exchange (PSE).
The plan was approved by DWC’s Board of Directors on Thursday during the company’s annual stockholders’ meeting, it said.
Balay Boracay is seen to own real properties in Boracay, Aklan which will be used as the staff house of the employees of the company.
Out of the total subscription, DWC will pay a P200,000 initial payment to Balay Boracay, and the remaining balance will be payable upon call of the Board of Directors of Balay Boracay Corporation, it said.
The incorporation project is subject to the approval of the Securities and Exchange Commission (SEC).
Earlier this year, DWC acquired additional shares in Sonoran Corp. for a transaction value of P100 million.
Incorporated in 1993 and formerly known as Southern Visayas Property Holdings Inc., DWC is primarily engaged in the hotel and resorts business through its brands Discovery Shores Boracay, Discovery Shores, Platitos Resto-Bar, Sands Lounge, Indigo Resto-Bar and Sunken Pool Bar.