C00469-2021

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)
Jan 22, 2021
2. SEC Identification Number
AS93000023
3. BIR Tax Identification No.
003-822-183
4. Exact name of issuer as specified in its charter
DISCOVERY WORLD CORPORATION
5. Province, country or other jurisdiction of incorporation
METRO MANILA
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
632-813-8857
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 30 September 2020, the Board resolved to increase Discovery World Corporation's subscription by Five Million Eight Hundred Thousand (5,800,000) shares of Cay Islands with a par value of One Peso (Php1.00) per share or a total of Five Million Eight Hundred Thousand Pesos (Php5,800,000.00) to be used as working capital.

In the Executive Committee meeting held on 20 January 2021, it was resolved to increase Discovery World Corporation's subscription by an additional Forty Million (40,000,000) shares of Cay Islands Corporation with a par value of One Peso (Php 1.00) per share or a total of Forty Million Pesos (Php 40,000,000.00) to also be used as working capital.
Date of Approval by
Board of Directors		 Jan 20, 2021
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 expansion of the Corporation's resort business.
Details of the acquisition or disposition
Date TBA
Manner

Subscription of Shares / Subscription Contract

The Subscription Agreement has not yet been signed but the investing public would be updated for further developments on the transaction.
Description of the company to be acquired or sold

Cay Islands owns real property in El Nido, Palawan used as a site for its retail development "Shoppes at Vanilla Beach" and other planned hotel and hostel developments
The terms and conditions of the transaction
Number of shares to be acquired or disposed 40,000,000
Percentage to the total outstanding shares of the company subject of the transaction 16.67
Price per share 1.00
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 Forty Million (40,000,000) shares shall be paid in tranches, with an initial payment amounting to Ten Million Pesos (Php10,000,000.00)
Conditions precedent to closing of the transaction, if any

The additional subscription of Forty Million (40,000,000) shares shall be conditioned on the application for Increase in Authorised Capital Stock by Cay Islands Corporation from Two Hundred Million Pesos (Php 200,000,000.00) to Three Hundred Million Pesos (Php 300,000,000.00) and approved by the Securities and Exchange Commission
Any other salient terms

TBA
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

This amended disclosure reflects additional information on the increase in subscription of DWC, from Two Hundred Million (200,000,000) CIC shares to Two Hundred Forty Million (240,000,000) CIC shares.

The current outstanding capital stock of Cay Islands Corporation is One Hundred Ninety Four Million Two Hundred Thousand (194,200,000) shares. With the subscription of Discovery World of Five Million Eight Hundred Thousand (5,800,000) shares, the total outstanding capital of Cay Islands would be Two Hundred Million (200,000,000) shares.

The additional subscription of Forty Million shares (40,000,000) is conditioned upon an application and approval of an increase in Authorised Capital Stock of Cay Islands Corporation
Filed on behalf by:
Name Anna Francesca Respicio
Designation Corporate Secretary