Resorts developer Discovery World Corporation is set to sell its 70 percent stake in True Ally, a corporation registered in the British Virgin Islands.

Discovery Shores Boracay 07192024

ABS-CBN News

<p>MANILA -- Resorts developer Discovery World Corporation is set to sell its 70 percent stake in True Ally, a corporation registered in the British Virgin Islands.</p><p>The shares will be sold at P4.2 million.</p><p>Discovery World owns 70 percent of the shares in True Ally because it hoped to get into the cryptocurrency and non-fungible token space through blockchain gaming and other related services contributing to building the open metaverse.</p><p>The company said the sale will help it raise capital and improve its balance sheet while avoiding the recognition of loss from the investment. </p><p>It will also allow the firm to streamline resources to areas where it has a competitive advantage.</p><p>The company runs Discovery Shores Boracay and other resorts around the Philippines. </p><div><strong>RELATED STORY:</strong></div><style type="text/css" id="isPasted">
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<p>Resorts developer Discovery World Corporation is set to sell its 70 percent stake in True Ally, a corporation registered in the British Virgin Islands.</p>

Discovery World group drops crypto, blockchain ambitions | ABS-CBN

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Discovery World group drops crypto, blockchain ambitions

Discovery World group drops crypto, blockchain ambitions

ABS-CBN News

Published Jul 19, 2024 10:05 AM PHT

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