Discovery World Acquires Additional Shares in Cay Islands Corporation for P300 Million

The Board of Directors of Discovery World Corporation (DWC) resolved to increase DWC's subscription by Three Hundred Million (300,000,000) shares of CIC with a par value of One Peso (P1.00) per share or a total of Three Hundred Million Pesos (P300,000,000.00) to be used as working capital. 

This additional subscription is conditioned upon the application and approval of the increase in Authorized Capital Stock of CIC from Three Hundred Million Pesos (P300,000,000.00) to Seven Hundred Million Pesos (P700,000,000.00).

This acquisition is in line with DWC's business and will create opportunities for the expansion of DWC's resort business.

The terms and conditions of the transaction:

Number of shares to be acquired or disposed: 300,000,000
Percentage to the total outstanding shares of the company subject of the transaction: 42.86%
Price per share: P 1.00

Cay Islands Corporation (CIC) was incorporated and registered with the SEC on 29 October 2008 and is a property holding and investment company which owns and operates the “Vanilla Beach” property and “Shoppes at Vanilla Beach” development in El Nido, Palawan. CIC is slated to launch a new hotel and hostel project on the Vanilla Beach property called “Kip&Kin”.

Cay Islands Corporation is a wholly-owned subsidiary of DWC.

Discovery World Corporation (DWC) is a subsidiary of JTKC Equities Inc., a holding company with interests in property development, hospitality management, banking services, and manufacturing operations.