Metro Pacific Investments Corp. (MPIC), an infrastructure conglomerate, is in discussions with Discovery World Corp.’s shareholders over a “potential acquisition.”
“Discussions with the Tiu family about a possible investment in Discovery World Corp. and/or its subsidiaries are ongoing,” MPIC said in a stock exchange filing on Monday.
“However, no binding deal has yet been achieved. If some disclosable deal is signed, we will notify the Exchange and the trading public,” it said.
“As… the organization is continuing with the implementation of its different ventures, it is available to investor groups that are supportive of those projects,” Discovery World said in a separate disclosure, without naming MPIC.
Discovery World, a subsidiary of holding company JTKC Equities, Inc., operates the hotels and resorts Discovery Boracay, Discovery Shores, Platitos Resto-Bar, Sands Lounge, Indigo Resto-Bar, Sunken Pool Bar, Forno Osteria, Estate XI, and 360 Roof Lounge under the names and styles of Discovery Boracay, Discovery Shores, Platitos Resto-Bar, Sands Lounge, Indigo Resto-Bar,
“A few parties have shown concern, but they remain in the early stages of discussion,” Discovery World said, adding that “any full control” of the venture is not being discussed.
Euro-Pacific Resorts, Inc., Exploration Fleet Corp., Cay Islands Corp., Palawan Cove Corp., Sonoran Corp., Long Beach Property Holdings, Inc., Fortunate Cloud 9 Spa, Inc., and Balay Holdings, Inc. are among the fully operated firms.
MPIC used to be involved in the real estate industry. After divesting from Landco Pacific Corp., the developer of the Peninsula de Punta Fuego, an exclusive seaside residential resort in Nasugbu, Batangas, it exited in 2014.
In 2012, MPIC sold its whole interest in property developer Rockwell Land Corp. to the Lopez family.
In early 2014, the conglomerate sold its whole interest in NE Pacific Shopping Center Corp., which owns a commercial district in Nueva Ecija, to Cosco Capital, Inc.
In 2001, it sold its stake in Fort Bonifacio Development Corp.