Discovery to develop residential subdivisions

MANILA, Philippines — Discovery World Corp., the listed company of the Tiu family, is further expanding its operations to include the development of residential subdivisions.

The company filed an amendment to its Articles of Incorporation to include the development of residential subdivisions on top of its existing product lines.

Originally, its primary purpose was “to develop, invest in, own, acquire, administer, construct and operate hotels, resorts, apartelles, condominiums, townhouses, buildings, other tourist-related structures.”

“The addition of residential subdivisions that can be developed will allow Discovery World to expand its revenue streams to include real estate sales,”Discovery said.

It also amended its secondary purpose to be able to borrow without limits to expand the means by which Discovery World may raise funds to meet its financial requirements.

The amendments will be submitted for approval by stockholders of record as of Oct. 13. Stockholders will be given until Nov. 29 to submit their written assent.

Discovery World is primarily engaged in the hotel and resort business under the names and style of Discovery Boracay, Discovery Shores, Platitos Resto-Bar, Sands Lounge, Indigo Resto-Bar, Sunken Pool Bar, Forno Osteria, Estate XI and 360 Roof Lounge.

It is a subsidiary of JTKC Equities Inc., a holding company investing in real estate companies, predominantly in the leisure and hospitality sector.

Article was originally published in Philippine Star and written by Iris Gonzales.