LISTED hotel and resort operator Discovery World Corp. has amended its corporate purpose in a bid to expand its product portfolio.
In a stock exchange disclosure on Wednesday, Discovery World said that it included the development of “residential subdivisions” on the company’s primary purpose under its articles of incorporation to expand its portfolio and boost revenue streams.
Aside from the primary purpose, Discovery World said amendments were also made under its secondary purpose to expand the means by which the company could raise new funds to meet financial requirements.
The secondary purpose also explicitly provides the power of the corporation to apply and own trademarks, and authorize others to use the same.
Discovery World said in a separate disclosure that the Securities and Exchange Commission (SEC) also approved amendments to its articles of incorporation to include Terra Spa as a business name. The spa is located within Discovery Shores Boracay.
The regulator also approved the conversion of 265 million common shares from the company’s unissued capital stock into preferred shares.
Discovery World said the conversation is being undertaken “in consideration of a possible capital raising exercise that will be conducted by the company in the future.”
Meanwhile, Discovery World said in another disclosure that it amended its articles of incorporation to include its secondary purpose of being engaged in the business of dealing in foreign exchange transactions.
“The corporation wishes to include in its services the exchange of currencies for its hotel guests,” Discovery World said.
The company said the SEC approved the various amendments on Aug. 23.
Discovery World has several facilities across the country including Discovery Shores Boracay, Club Paradise Palawan, Discovery Suites, Discovery Primea, Manami, and Discovery Samal.
Shares of Discovery World at the local bourse were last traded on Aug. 24 when they finished at P1.29 apiece. — Revin Mikhael D. Ochave
