LISTED hotel and resorts operator Discovery World Corp. (DWC) said on Wednesday that its board has approved the full acquisition of its subsidiary Balay Holdings, Inc. in line with its goal to expand its business portfolio.
In a disclosure, Discovery World said it shall subscribe to 26.2 million shares in Balay Holdings with par value of P1 per share, or a total of P26.2 million. The shares to be acquired represent 100 percent of Balay’s total outstanding shares.
“This acquisition is in line with Discovery World’s business and will create opportunities for expansion of the corporation’s resort business,” the listed firm said.
Discovery World said the subscription shall be fully paid.
Conditions precedent to the closing of the transaction include the approval of the Securities and Exchange Commission of the increase in authorized capital stock of Balay Holdings from P3.2 million to P50 million.
Balay Holdings is a subsidiary of Discovery World and is seen to own real properties in Boracay, Aklan to be used as a staff house of the employees of the company. ANGELICA BALLESTEROS