Discovery World infusing P577 M fresh capital into units

Discovery World Corp. (DWC), the listed hospitality company of the Tiu family, is infusing P577 million in fresh capital into various subsidiaries to beef up the group's resort business.

- By RICHMOND MERCURIO

DWC is injecting additional investments of P300 million in Cay Islands Corp. (CIC), P265 million in One Davao Townships Corp. (ODTC), P7.2 million in Balay Holdings Inc. (BHI) and P5 million in Lucky Cloud 9 Resorts Inc. (LC9), the company said in separate stock exchange filings yesterday.

For CIC, DWC will subscribe to additional 300 million shares at P1 apiece to be used as working capital.

The subscription is conditioned upon the application and approval of the increase in authorized capital stock of CIC to P700 million from P300 million.