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MANILA, Philippines – The property unit of racetrack operator Manila Jockey Club Incorporated said its board approved the issuance of shares to its Hong Kong-based investors.
In a disclosure to the stock exchange, MJC Investments Corporation said the strategic investor from Hong Kong, represented by Cheah Teik Seng through its Philippine affiliates, will subscribe to additional 673.791 million shares in the company.
The funds from the subscription will be allotted for the ongoing construction of MJC’s hotel and entertainment project in Sta Cruz, Manila.
No further details were made available, including how much the Hong Kong investor will spend to subscribe to the new shares.
In February 2013, MJC accepted the offer from a group of Hong Kong investors headed by Cheah Teik Seng to subscribe to 450 million shares in the company. These were equivalent to 33% interest, at subscription price of P1 ($0.022) per share for a total consideration of P450 million ($10.07 million).
The Hong Kong investors also include East Bonham Holdings Incorporated, Branford Ridge Holdings Incorporated, Orchardstar Holdings Incorporated, Belltower Lakes Holdings Incorporated, Purple Cassady Holdings Incorporated, and Cherrygrove Holdings Incorporated.
San Lazaro revitalized
MJC is currently building a 5-star hotel, tourism, and an entertainment hub located on a 7,500 square meter site at the San Lazaro Tourism and Business Park (SLTBP).
The SLTBP is now home to a high-end residential condominium project jointly developed by Ayala Land Incorporated and MJC, and SM San Lazaro mall as well.
The 160-room hotel project will also have a ballroom and a themed event space measuring more than 5,000 square meters.
The project aims to attract East Asian tourists and local visitors, offering them accommodations, entertainment, and recreational facilities in the high-density greater Chinatown area.
The project is expected to be completed within 2015.
Manila Jockey Club (MJC), meanwhile, conducts its racing operations at its horse-racing facility in Carmona, Cavite. It also operates off-track betting stations (OTBs).
MJC is expanding its OTB network in Metro Manila and the provinces.
It also established the PAGCOR Club San Lazaro, located at the San Lazaro Leisure Park in Carmona, Cavite. – Rappler.com
US$1 = P44.57