Proceeds from the rights offering will be used to pay for various existing contracts covering the construction of the company’s Turf Building located at the new San Lazaro Leisure Park in Carmona, Cavite.
MJCI earlier signed a joint venture agreement with Century Communities Corp. for the development of a 17.09-hectare property in Carmona into an exclusive residential subdivision.
Century Communities is a real estate development firm under the Century Properties Group whose projects include the Essensa at Fort Bonifacio, the West of Ayala at Makati and the Soho at Shaw Boulevard.
MJCI also plans to develop some 23 hectares of the Carmona property into a residential-gated community overlooking the race track.
The park will replace the club’s San Lazaro Hippodrome in Sta. Cruz, Manila. Its Turf Club has complete racing facilities anchored on a world-class race track designed by the Japan Racing Facilities Co. Ltd., with 1,600 stables, a 3,600-square meter grandstand and four floors that can accommodate up to 2,000 spectators.
The Carmona horse racing facility is a joint venture between MJCI and KPPI Land Corp. of the Kuok Group. MJCI now has a total of 270 quality off-track stations, 29 of which are located in the provinces. It earlier forged a partnership with TABPhilippines, Inc., an Australian company that provides video and data facilities for horse racing broadcast via satellite to offsite-betting stations outside Metro Manila.