Luxury resort and hotel operator Discovery World Corp. (DWC) is doubling down on Palawan, putting up to P265 million behind its expansion of beachfront and private island resorts in some of the country’s most sought-after destinations.

The company informed the stock exchange on Friday that it will invest P250 million in Euro-Pacific Resorts Inc. (EPRI), operator of Discovery Coron on Dimakya Island, Coron.

DWC will subscribe to 2.5 million shares at P100 each, bringing EPRI’s total outstanding capital stock to 4.75 million shares. The subscription will be executed in phases, with the Executive Committee handling the agreements.

Palawan Cove Corp.

In addition, the company will invest P15 million in Palawan Cove Corp. (PCC) by subscribing to 15 million shares at P1 each.

“With the subscription of DWC of 15 million shares, the total outstanding capital stock of PCC would be 115 million shares,” the company said.

PCC, incorporated on 10 July 2008, is in the pre-development phase of a beachfront resort hotel in Boayan Island, San Vicente. Current activities include permit acquisition, surveying, data gathering, consultant engagement and master planning.

To boost working capital, DWC’s board approved the issuance of 66 million common shares at P1.60 per share to JT Perle Corp., an existing shareholder.

JT Perle currently holds 33.08 percent of the company and will increase its stake to 37.88 percent. John Y. Tiu, Jr. owns 60 percent of JT Perle. The subscription agreement is yet to be executed.