MPIC eyes return to real estate

MANILA, Philippines — Pangilinan-led Metro Pacific Investments Corp. is in talks with the Tiu family’s Discovery World Corp. for a possible return to the real estate industry.

In a disclosure yesterday, MPIC said there are ongoing discussions with the Tiu family for a potential investment in Discovery World Corp and its subsidiaries, confirming a report of the Bilyonaryo website.

“However, no definitive agreement has been signed to date. We will inform the exchange and the investing public in the event any disclosable transaction is signed,” MPIC said.

For its part, Discovery World Corp., the listed hotel and resorts operator behind Discovery Shores Boracay, said it is proceeding with the development of its various projects.

At the same time, it said it is open to investor groups who are supportive of such projects.

“A few parties have expressed interest, however, these are at their early stages of discussion. Further, there are no discussions of any complete control of the company,” Discovery World said.

MPIC earlier wanted to enter the tourism business through a partnership with Dusit International of Thailand. But these plans were put on hold due to the COVID-19 pandemic.

Under the agreement signed last year, MPIC and Dusit will initially develop two hotels and three condominiums at sites long held by MPIC in Batangas, as well as upgrade Dusit’s existing properties in the Philippines.

Discovery World Corp is primarily engaged in the hotel and resort business under the names and styles of Discovery Boracay, Discovery Shores, Platitos Resto-Bar, Sands Lounge, Indigo Resto-Bar, Sunken Pool Bar, Forno Osteria, Estate XI and 360 Roof Lounge.

It is a subsidiary of JTKC Equities, Inc., a holding company investing in real estate companies, predominantly in the leisure and hospitality sector.