C08583-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Dec 7, 2023
2. SEC Identification Number
AS93000023
3. BIR Tax Identification No.
003822183000
4. Exact name of issuer as specified in its charter
DISCOVERY WORLD CORPORATION
5. Province, country or other jurisdiction of incorporation
STATION 1, BALABAG, MALAY AKLAN
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
STATION 1, BALABAG, MALAY AKLAN Postal Code 5608
8. Issuer's telephone number, including area code
8813-8857
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 854,000,000
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Discovery World Corporation DWC

PSE Disclosure Form 4-2 - Acquisition/Disposition of Shares of Another Corporation
References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Additional Subscription to Cay Islands Corporation ('CIC')
Background/Description of the Disclosure

In a meeting on 7 December 2023, the Board of Directors of Discovery World Corporation ('DWC') resolved to increase DWC's subscription by One Hundred Thirty Million (130,000,000) shares of CIC with a par value of One Peso (Php1.00) per share or a total of One Hundred Thirty Million Pesos (Php130,000,000.00) to be used as working capital. This additional subscription is conditioned upon the application and approval of the increase in Authorized Capital Stock of CIC from Three Hundred Million Pesos (Php300,000,000.00) to Five Hundred Million Pesos (Php500,000,000.00)
Date of Approval by
Board of Directors		 Dec 7, 2023
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction

This acquisition is in line with DWC's business and will create opportunities for the expansion of DWC's resort business.
Details of the acquisition or disposition
Date TBA
Manner

Subscription of Shares / Subscription Contract

The Subscription Agreement is yet to be executed and this disclosure shall be updated in due course.
Description of the company to be acquired or sold

CIC was incorporated and registered with the SEC on 29 October 2008 and is a property holding and investment company which owns and operates the “Vanilla Beach” property and “Shoppes at Vanilla Beach” development in El Nido, Palawan. CIC is slated to launch a new hotel and hostel project on the Vanilla Beach property called “Kip&Kin”.
The terms and conditions of the transaction
Number of shares to be acquired or disposed 130,000,000
Percentage to the total outstanding shares of the company subject of the transaction 26
Price per share Php1.00
Nature and amount of consideration given or received

The consideration is based on par value
Principle followed in determining the amount of consideration

The consideration is based on par value
Terms of payment

The subscription of One Hundred Thirty Million (130,000,000) shares shall be paid upon call of the Board of Directors of CIC.
Conditions precedent to closing of the transaction, if any

The additional subscription of One Hundred Thirty Million (130,000,000) shares shall be conditioned upon the application for Increase in Authorized Capital Stock by CIC from Three Hundred Million Pesos (Php300,000,000.00) to Five Hundred Million Pesos (Php500,000,000.00) and approved by the Securities and Exchange Commission.
Any other salient terms

N/A
Identity of the person(s) from whom the shares were acquired or to whom they were sold
Name Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
Cay Islands Corporation Cay Islands Corporation is a wholly-owned subsidiary of DWC
Effect(s) on the business, financial condition and operations of the Issuer, if any

This acquisition will help augment working capital and create opportunities for expansion of the Corporation's resort business.
Other Relevant Information

The current outstanding capital stock of CIC is Two Hundred Seventy Million (270,000,000) shares with a par value of One Peso (Php1.00) per share owned by DWC.

With the additional subscription of DWC of One Hundred Thirty Million (130,000,000) shares, conditioned upon the application and approval of increase in Authorized Capital Stock of CIC from Three Hundred Million Pesos (Php300,000,000.00) to Five Hundred Million Pesos (Php500,000,000.00), the total outstanding capital of CIC would be Four Hundred Million (400,000,000) shares.
Filed on behalf by:
Name Anna Francesca Respicio
Designation Corporate Secretary