C08585-2023

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 One Davao Townships Corporation ('ODTC')
Background/Description of the Disclosure

In a meeting on 7 December 2023, the Board of Directors of Discovery World Corporation's ('DWC') resolved to increase its subscription by Two Hundred Sixty-Five Million (265,000,000) shares of ODTC with a par value of One Peso (Php1.00) per share or a total of Two Hundred Sixty-Five Million Pesos (Php265,000,000.00) to be used as working capital. This additional subscription is conditioned upon the application and approval of the increase in Authorized Capital Stock of ODTC from One Hundred Million Pesos (Php100,000,000.00) to Three Hundred Million Pesos (Php300,000,000.00)
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

Incorporated and registered with the SEC on 13 October 2021, ODTC is a holding company for properties being developed in Davao.
The terms and conditions of the transaction
Number of shares to be acquired or disposed 265,000,000
Percentage to the total outstanding shares of the company subject of the transaction 88.33
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 Two Hundred Sixty-Five Million (265,000,000) shares shall be paid upon call of the Board of Directors of ODTC.
Conditions precedent to closing of the transaction, if any

The additional subscription of wo Hundred Sixty-Five Million (265,000,000) shares shall be conditioned upon the application for Increase in Authorized Capital Stock by ODTC from One Hundred Million Pesos (Php100,000,000.00) to Three Hundred Million Pesos (Php300,000,000.00) 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
One Davao Townships Corporation One Davao Townships 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 ODTC is Thirty-Five Million (35,000,000) shares with a par value of One Peso (Php1.00) per share.

The additional subscription of DWC to Two Hundred Sixty-Five Million (265,000,000) ODTC shares shall be conditioned upon the application and approval of increase in Authorized Capital Stock of ODTC from One Hundred Million Pesos (Php100,000,000.00) to Three Hundred Million Pesos (Php300,000,000.00). With the additional subscription, the total outstanding capital of ODTC would be Three Hundred Million (300,000,000) shares.
Filed on behalf by:
Name Anna Francesca Respicio
Designation Corporate Secretary