LISTED hotel and resort developer Discovery World Corp. (DWC) is planning to conduct a private placement to raise additional capital.
In a regulatory filing, DWC said its board approved the planned private placement on Thursday.
The final terms and conditions of the offer, including the number of shares to be issued, have yet to be determined.
As part of the planned capital-raising activity, the board also approved the conversion of up to 115 million unissued preferred shares into common shares.
DWC said the private placement will raise additional capital to support the company’s corporate and operational requirements.
Meanwhile, the board approved an amendment to the company’s articles of incorporation to authorize DWC to act as a surety, guarantor, third-party mortgagor, or in any similar capacity for its subsidiaries and affiliates.
“While the amendment has no immediate impact on the corporation’s regular operations, it provides greater flexibility in supporting financial and commercial arrangements involving subsidiaries and affiliated companies, especially in connection with intercompany transactions or credit accommodations,” it said.
DWC shares were last traded on June 17, closing unchanged at P1.08 apiece. – Revin Mikhael D. Ochave
