LUXURY resort developer Discovery World Corp.’s (DWC) board of directors has unanimously approved the sale of a 70-percent stake in True Ally Ventures Ltd. for P4.2 million.
True Ally, a corporation registered in the British Virgin Islands, is the operator of a blockchain gaming ecosystem intended for the cryptocurrency and NFT (non-fungible token) market.
DWC had bought the stake in True Ally to enter the cryptocurrency space through blockchain gaming and other related services.
“The sale of shares will raise capital for the corporation, thereby improving its balance sheet and avoiding recognition of loss from the investment,” DWC said in a stock exchange filing.
“The sale will also allow the corporation to focus on its core operations and competencies, thereby streamlining its operations and concentrating resources on areas where it has a competitive advantage,” it added.
DWC bought 70 percent of True Ally in December 2021 for P4.2 million, together with a local information technology firm, Safegate Solutions Inc., that holds the remaining 30 percent of the company.
DWC shares on Friday closed flat at P1.08 each.
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