Tiu family pumps in additional investment in 4 Discovery World subsidiaries amid tourism revival

High end resort developer Discovery World Corp. (DWC) of the Tiu family is infusing P83 million in additional investments into four wholly-owned units to beef up their operations.

In a filing with the stock exchange, DWC said it was increasing its subscription to the capital stock of Cay Islands Corp. (CIC), Lucky Cloud 9 Resorts (LC9), One Davao Townships Corp. (ODTC), and Balay Holdings Inc. (BHI).

DWC subscribed to an additional 15 million shares of LC9, 30 million CIC shares, 20 million ODTC ahares and 18 million BHI shares at P1 apiece.

Subscriptions to CIC, LC9, and BHI are conditioned upon the application and approval of increase in authorized capital stock of each company.

The subscription to ODTC, on the other hand, will be made through the issuance of its unissued capital stock.

DWC said these additional investments were in line with its business and are seen creating opportunities for expansion of the company’s resort business.

CIC is the property holding and investment company that owns and operates the Vanilla Beach property in El Nido, Palawan. It is set to launch a new hotel and hostel called “Kip&Kin”.

LC9 is developing a 26,127 square meter property in General Luna Siargao, Surigao del Norte while ODTF is a holding company for.properties being developed in Davao.

BHI, meanwhile, owns properties in Palawan and Surigao del Norte which are being developed for among others staff housing for future developments.