LISTED hotel and resorts operator Discovery World Corp. (DWC) has acquired additional shares in Sonoran Corp. valued at P100 million as part of its plan to expand its resorts business.
In a disclosure to the Philippine Stock Exchange, DWC said it bought an additional 100 million shares in Sonoran at P1 per share.
Of the total P100 million transaction price, DWC will pay the initial P25 million while the remainder will be payable “upon call of the board of directors of Sonoran.”
Sonoran earlier secured approval from the Securities and Exchange Commission (SEC) to raise its authorized capital stock to P500 million from P100 million previously.
In January 2016, DWC first acquired 25 million shares of Sonoran —together with 192 million shares in Cay Islands Corp.—for P1 per share.
DWC said at the time that both acquisitions were “in line with DWC’s business and will create opportunities for expansion of the corporation’s resort business.”
Both Sonoran and Cay Islands are holding firms with various properties. Sonoran owns a 57-hectare property in La Trinidad, Benguet while Cay Islands owns a five-hectare property in El Nido, Palawan.
Incorporated in 1993 and formerly named 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.