PRCI to sell JTH Davies stake

MANILA, Philippines - Listed horse racing operator Philippine Racing Club Inc. is selling its entire shareholdings in JTH Davies Holdings Inc. for at least P153.3 million, the company said in a disclosure to the Philippine Stock Exchange.

PRCI said its board has approved a plan to sell its 95.55-percent stake in the agri-chemical and construction holding firm totalling 210 million shares at a price not less than P0.73 per share.

PRCI said proceeds from the sale will be used to partially pay loans.

As of end-June this year, PRCI had interest-bearing loans of P201.5 million from Maybank Philippines Inc., P100 million from Banco De Oro, and P78.61 million from GVI. 

PRCI owns approximately 214.9 hectares of land in Cavite. Of the total land area, approximately 65.5 hectares is being developed as the future site of the group’s race track and related facilities and the remaining 149.4 hectares is being developed as commercial and residential areas.

The completion of new racetrack will facilitate the eventual transfer of the company’s racing operations from the present site in Sta. Ana, Makati City which PRCI intends to develop into an upscale commercial and residential project similar to the Lopez family’s Rockwell or Megaworld Corp.’s Eastwood City.

Horse races are conducted normally every other Tuesdays, Wednesdays, Thursdays, Fridays, Saturdays and Sundays.

The Sta. Ana race track sits on a 21.6-hectare property owned entirely by PRCI.

PRCI is expanding its off-track betting stations within Metro Manila and selected adjacent population centers in the provinces. 

PRCI is one of only two operating racing clubs in the country, with Manila Jockey Club Inc., the operator of San Lazaro racetrack, as the other entity). – Zinnia B. Dela Peña