Discovery World shrinks size of IPO

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

Solaire's Finestra: A window to Italy

Solaire Resort & Casino by the bay now has its doors wide open after teasing Manila for months before the grand unveiling.

While the casino hotel is far from completed, its four signature restaurants have had the time to create a buzz among the dining crowd.

One of the most talked about is Finestra which, roughly translated, means “window.” It has the best spot among the four, occupying a corner that has a panoramic view of Manila Bay and the resort’s swimming pool.

Think sunset, cocktails, amazing food and great company—this is exactly the place for them.

The food is excellent. Italian executive chef Salvatore de Vincentis created a menu inspired by centuries-old recipes.



He envisioned serving only the best authentic Italian food. And while calling it “authentic” may seem trite, Italian cuisine has gone global, occupying a place once reserved only for Chinese food. Given the many influences on modern Italian cooking, rediscovering what is truly Italian was a challenge he embraced.

Extensive research led him to traditional Italian recipes that were used in the 1800s — priceless finds that he knew would allow him to create food beyond what Manila has ever experienced.

There is a wide selection of à la carte dishes cooked à la minute in Finestra’s open kitchen. The portions are large, and if you do decide to share, no one will turn his nose up at you, even if it is fine dining. The essence of Italian dining after all, much like Filipino, is sharing a meal with family. A private room is available for small events.

source: www.abs-cbnnews.com