According to IFC's website:
The proposed investment is to Discovery World Corporation (the “Company”), a company established in 1993, and listed in the Philippine Stock Exchange in 2013. The Company is primarily engaged in development and operations of hotel and resorts in the Philippines.
The Project involves the construction and development of two new hotel projects in two different sites, a 117 room hotel and 84-bed hostel, with commercial area and beach club in El Nido, Palawan and a hotel and commercial development in La Trinidad, Benguet with at least 127 rooms. The proceeds of the IFC investment will finance the construction, fit out and other costs related to the construction of these two hotel projects.
The total project cost is estimated at US$65 million. IFC’s proposed investment to the Company consists of convertible preferred shares of up to US$13 million, to be disbursed in Philippine Pesos.
The project sponsor is the Tiu Family, through their holding company JTKC Equities Inc and hotel management company The Discovery Leisure Company, Inc., which own 48.32% and 24.82% of the Company, respectively. The Family has a long history in the construction and operations of apartment-hotels in the Central Business Districts of Metro Manila and have other business interests in the field of real estate, construction materials, mining and financial services. These are local companies owned and controlled by the Tiu Family. The two new hotel projects are housed under two companies Cay Islands Corp. (for El Nido) and Sonoran Corporation (for La Trinidad), both 100% owned by the Company.
Discovery World Corporation
Rupert C. Sykat
Vice-President for Project Development
(632) 519 5674 to 79
4/F JTKC Centre
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