IFC invests in Tiu-led beach operator Discovery World
International Finance Corp., the lending arm of the World Bank, is investing P650 million Discovery World Corp., developer of upscale beachfront resort Discovery Shores Boracay, to meet the growing demand for hospitality infrastructure in the country.
IFC shall subscribe to up to 216.67 million shares of DWC at P3 each share, DWC said in a stock exchange filing.
The preferred shares to be issued to IFC shall be convertible to common shares at any time after the expiry of 48 months months from the date of IFC subscription subject to a conversion ratio.
IFC’s fresh capital infusion will help fund DWC’s two planned resorts in El Nido, Palawan, the Philippines’ largest marine sanctuary; and La Trinidad, Benguet, an agriculture-rich mountainous region.
Vanilla Beach El Nido will be DWC’s entry into the affordable segment targeted toward millenials.
The new projects will expand DWC’s portfolio that includes Discovery Shores Boracay, a multi-awarded luxury resort, and Club Paradise Palawan, an exclusive island resort in Coron. It also owns Discovery Fleet which operates cruise boats for scuba safari expeditions in some of the world’s best diving sites.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, it uses its capital, expertise, and influence to create markets and opportunities in the toughest areas of the world.