MVP Group Confirms Talks to Buy Stake in Discovery World Corp.
Metro Pacific Investments Corp. is in talks to invest in hotel and resort property firm Discovery World Corporation (DWC). Reacting to reports that the Manny Pangilinan-led conglomerate was planning to buy-out the property firm owned and controlled by the Tiu family, both MPIC and Discovery World released statements confirming ongoing discussions.
“As Discovery World Corporation is proceeding with the development of its various projects, it is open to investor groups who are supportive of such projects,” DWC said in a disclosure to the Philippine Stock Exchange. “A few parties have expressed interest, however, these are at their early stages of discussion. Further, there are no discussions of any complete control of the company.”
“We confirm that there are ongoing discussions with the Tiu family for a potential investment in Discovery World Corporation and/or its subsidiaries,”MPIC said. “However, no definitive agreement has been signed to date,” MPIC said.
Led by chairman and CEO John Tiu Jr., DWC is primarily engaged in the hotel and resort business. The property group includes Discovery Boracay, Discovery Shores, Platitos Resto-Bar, Sands Lounge, Indigo Resto-Bar, Sunken Pool Bar, Forno Osteria, Estate XI and 360 Roof Lounge. DWC is a subsidiary of JTKC Equities, Inc., a holding company investing in real estate companies, predominantly in the leisure and hospitality sector.
MPIC, of course, is the investment holding company whose subsidiaries include Meralco, Metro Pacific Tollways Corporation; Maynilad Water Holding Company, Inc.; Metro Pacific Hospital Holdings, Inc.; Metro Pacific Light Rail Corporation; and MetroPac Logistics Company, Inc.