IFC to invest US$12.8 million in Discovery World Corporation

IFC, Discovery World Corp
IFC to invest US$12.8 million in Discovery World’s hotel, resort biz

IFC, Discovery World Corp

World Bank’s private investment arm International Finance Corp (IFC) is investing up to 650 million pesos (about US$12.8 million) in Discovery World Corp, a listed company in the Philippines.

DWC owns and operates popular hotels and resorts in the country, including the upscale beachfront resort Discovery Shores Boracay.

Both companies earlier signed a subscription agreement where IFC shall subscribe up to 216.7 million preferred shares in DWC at 3 pesos (about US$0.60) apiece, in order to provide capital for the growing demand for hospitality infrastructures in the country.

IFC’s subscription shall be conditioned on the approval by the stockholders of DWC following the approval by the stakeholders and the Securities and Exchange Commission.

Using IFC investment, Discovery World Corp will set up two new hotels in the Philippines’ key frontier locations including El Nido in Palawan, which is home of the largest marine sanctuary and La Trinidad in Benguet, which is an agriculture-rich mountainous region.

These projects will expand DWC’s portfolio that includes Discovery Shores Boracay, a multi-awarded luxury resort, and Club Paradise Palawan, an exclusive island resort in Coron. The startup also owns Discovery Fleet which operates cruise boats for scuba safari expeditions in some of the world’s best diving sites.

Under the agreement, the preferred shares to be issued to IFC shall be convertible to common shares at any time after the expiry of 48 months from the date of IFC subscription.

DWC noted the issuance of common shares to IFC as a result of its conversion of preferred shares shall, in no case, result in foreign shareholdings exceeding 40 percent of the company’s outstanding capital stock.

DWC today increased its trading price by 26.97 percent or P0.54 to close at P2.55 per share.

Filipino payment startup Salarium to raise US$50 million via an Initial Coin Offering

Filipino payment startup Salarium to raise US$50 million via an Initial Coin Offering


Philippine-based payment solutions startup Salarium is aiming to raise up to US$50 million through an initial coin offering (ICO) for its SALPay Token.

Salarium Founder and CEO Judah Hirsch explained that the company’s ICO will help bridge the gap between small and medium Business Process Outsourcing (BPOs), freelancers and remittances in the Philippines.

“The purpose of our ICO is to provide a token utility for our B2B customers to remit their payroll in the Philippines,” Hirsch said. “Our product is already live and working, therefore the funds will be used to provide liquidity and license the exchange.”

The SALPay token’s pre-sale will start from November 22 to 26, 2017 while its Ethereum ICO is slated to begin from November 27 to December 31 under the symbol SAL.

For the ICO, a total amount of 100 million tokens will be offered at a price whereby 1 SAL will be equivalent to .003 ETH.

Founded in 2013, Salarium is a payroll and human resource software company. It provides businesses with a solution to improve their efficiency and accuracy in managing payroll through a self-service portal known as Salarium Payroll (SALPay).

Although Salarium is currently headquartered in Singapore, its services are mainly provided within the Philippines where most of its clients are SMEs from a variety of industries including BPO, manufacturing, retail, and IT.

Commenting on the ICO, Hirsch said the planned exchange will initially serve as a large closed loop for SALPay corporate users which represent more than 500 companies and more than 10,000 employees.

“The exchange in the Philippines will be connected to SALPay and so our existing customer will be the first investors,” Hirsh added. “We already have a few million contributed by early investors.”

In May 2015, Salarium raised a US$500,000 seed round followed by a US$1.2 million funding round led by Future Now Ventures in mid-2016. The startup also competed against 2,000 startups to win the Seedstars World in Switzerland.