No More Crypto: Sale of Discovery World Corporation's Shares in True Ally Ventures Limited

At a meeting of the Corporation’s Board of Directors held on July 18, 2024, the proposal to sell the Corporation’s shares held in True Ally Ventures Limited (True Ally) at the proposed price of Four Million Two Hundred Thousand Pesos (P4,200,000.00) was unanimously approved.

True Ally is a corporation registered in the British Virgin Islands wherein the Corporation owns 70% of the shares for the purpose of venturing into the cryptocurrency and non-fungible token space through blockchain gaming and other various related services contributing to building the open metaverse.

The sale of shares will raise capital for the Corporation, thereby improving its balance sheet and avoiding recognition of loss from the investment. The sale will also allow the Corporation to focus on its core operations and competencies thereby streamlining its operations and concentrate resources on areas where it has a competitive advantage.

Discovery World Corporation (DWC) was incorporated on January 5, 1993 as Southern Visayas Property Holdings, Inc. On March 21, 2013, the Securities and Exchange Commission approved the change in corporate name to the present one. The Company’s primary purpose is to develop, invest in, own, acquire, administer, construct, and operate hotels, resorts, apartelles, condominiums, townhouses, buildings, other tourist-related structures, and their usual facilities.

DWC is engaged in the hotel and resort business through brands “Discovery Shores Boracay”, “Club Paradise Palawan” and cruise business through “Discovery Fleet”. The Company also operates “Shoppes at Vanilla Beach”, a retail strip in El Nido. DWC is a subsidiary of JTKC Equities, Inc., a holding company investing in real estate companies, predominantly in the leisure and hospitality sector.

As of December 31, 2022, DWC's subsidiaries include Euro-Pacific Resorts Inc.; Discovery Fleet Corporation; Cay Islands Corporation; Palawan Cove Corporation; Sonoran Corporation; Long Beach Property Holdings, Inc.; Lucky Cloud 9 Resort, Inc.; Balay Holdings, Inc.; Discovery Hospitality Corporation; One Davao Townships Corporation; and True Ally Ventures Limited.