Discovery World Acquires Additional Shares in Lucky Cloud 9 Resorts, Inc. for P5 Million

The Board of Directors of Discovery World Corporation (DWC) resolved to increase DWC's subscription by Five Million (5,000,000) shares of Lucky Cloud 9 Resorts, Inc. (LC9) with a par value of One Peso (P1.00) per share or a total of Five Million Pesos (P5,000,000.00) to be used as working capital. 

This additional subscription is conditioned upon the application and approval of the increase in Authorized Capital Stock of LC9 from Two Hundred Million Pesos (P200,000,000.00) to Three Hundred Million Pesos (P300,000,000.00).

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: 5,000,000
Percentage to the total outstanding shares of the company subject of the transaction: 1.67%
Price per share: P 1.00

Lucky Cloud 9 Resorts, Inc. (LC9) was incorporated and registered with the SEC on 2 August 2017. It is engaged in real property holding and development as well as hotel operations management. LC9 is currently developing a 26,127 sqm. property located in General Luna Siargao, Surigao Del Norte.

Lucky Cloud 9 Resorts, Inc. 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.