MANILA, Philippines - Resort developer Discovery World Corp. reduced the size of its initial public offering by nearly half to P551 million from the original P1 billion.
This as Discovery World said it will no longer pursue an investment in Enderun Colleges.
The company also said it will defer the development of Palawan Cove Corp., as it had acquired Euro-Pacific Resorts, Inc. which owns a resort in Coron, Palawan.
Under the revised offering plan, Discovery World will sell 168 million common shares, lower than the original target of 306 million shares, at P3.28 per share.
The offer period will be from November 8 to 14, with listing date tentatively set on November 21.
After the IPO, Discovery World will have a market capitalization of P2.05 billion.
The Tiu family-owned Discovery World operates Discovery Shores Boracay. In the first quarter of 2013, it reported revenues of P112 million, from P108 million a year ago.
source: www.abs-cbnnews.com
