Listed firm Discovery World Corp. (DWC) is boosting its resorts business by buying out two companies for their property assets.
In separate disclosures to the Philippine Stock Exchange, DWC said it bought 25 million shares of Sonoran Corp. for P25 million or P1 per share. The shares are equivalent to 92.59 percent equity in Sonoran.
DWC also bought 192 million shares in Cay Islands Corp. for P192 million P1 per share. The transaction covers 98.87 percent equity interest in Cay Islands.
Both acquisitions are “in line with DWC’s business and will create opportunities for expansion of the corporation’s resort business.”
Sonoran and Cay Islands are holding firms with various property assets.
DWC paid Cay Islands the full transaction value, while paying a partial P6.25 million in the case of Sonoran. The balance of P18.75 million will fall “due upon the call of Sonoran Corp.”
The resorts operator and developer has a joint project in El Nido, Palawan with Cay Islands. The project is 84.51 percent owned by DWC, with Cay Islands owning the rest.