Dusit Thani Public Company Limited (DTC) announced that the company has executed the Investment Agreement with Metro Pacific Investments Corporation (MPIC), developer of mega infrastructure projects in the Philippines, to jointly carry out the development of real estate projects of hotels and residential condominiums in the Philippines on February 18, 2020.
DTC will establish a subsidiary in the Philippines, Dusit Philippines Corporation (DPC), in order to operate as a holding company in the Philippines in which DTC will hold 100% shares in DPC.
DPC and a subsidiary of MPIC, Metro Vantage Properties, Inc. (MVPI), will jointly invest in two companies in the Philippines; 1) Metro Dusit, Inc. (MDI), DPC will hold 40% shares whereby MVPI will hold remaining 60%. MDI will be a developer of the real estate projects in the Philippines, particularly hotel and residential condominium projects. Therefore, MDI will be an affiliated of DTC. 2) Dusit Hospitality Management Corporation (DHM), DPC will hold 76% shares whereby MVPI will hold 24%. DHM will provide management services in relation to hotels and other real estate projects in the Philippines. DHM will be a subsidiary of the DTC.