Property

Covid confident: John Tiu Jr. pumping in P304M to Discovery World

Bilyonaryo John Tiu Jr. is pouring in up to P304 million in cash to the family’s resort hotel business amid the ravages of the coranavirus pandemic.

JT Perle Corp., chaired by Tiu, is buying up to 190 million shares of Discovery World Corp. for P1.60 per share to be issued from the company’s unissued capital stock. Discovery World shares rose 19 percent to P1.90 on P2.176 million turnover on October 22.

The Discovery World board, also chaired by Tiu, approved JT Perle’s investment in a board meeting Wednesday with the number of shares to be sold to be determined by its executive committee. The fresh cash infusion will be used for Discovery World’s working capital.

JT Perle’s purchase of new shares is expected to boost its stake to more than 10 percent of Discovery World’s resulting outstanding capital stock. To comply with the listing rules of the Philippine Stock Exchange, Discovery World has called for a special stockholders’ meeting on 26 November 2020 to ratify the sale.

JT Perle owns 38 million shares or 5.72 percent of Discovery World as of 30 September 2020. Tiu has 45.179 million shares or 6.8 percent under his name. The biggest shareholders of Discovery World are JTKC Equities Inc. (45.57 percent) and The Discovery Leisure Company (23.4 percent) controlled by Tiu and his brothers.

Discovery World’s expansion plans this year include P90 million investments in Balay Holdings (for the purchase of Boracay properties to be used for staff housing) and P5.8 million for Cay Islands (for its retail development “Shoppes at Vanilla Beach”).

Discovery World’s hotel brands include Discovery Shores Boracay, Discovery Shores, Sands Lounge, and Club Paradise.

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