MJC to list up to P287.5M worth of shares

MANILA, Philippines - Manila Jockey Club Inc. obtained the Philippine Stock Exchange’s nod to list up to P287.49 million worth of shares to cover its planned stock rights offering next month.

Manila Jockey Club is offering shareholders one share for every two shares held as of May 6 at P1 each share.

The offer will run from May 16 to 20 while the listing has been set on May 30.

Net proceeds will be used to retire short-term loans, fully pay its subscriptions in MJC Investments Corp. and for general working capital purposes.

The shares to be offered shall be taken from the increase in the company’s authorized capital stock from P500 million to P1 billion which was approved last year.

MJC is engaged in the construction, operations and maintenance of a racetrack located in Cavite and holding of horse races therein with bettings both directly or indirectly by means of mechanical, electronic and computerized totalizator.

The company is also also engaged in the development and sale of residential complexes through joint venture arrangements with certain developers. It has three wholly owned subsidiaries: San Lazaro Resources and Development Corp., SLLP Holdings Inc. and New Victor Technology Ltd. (NVTL).

In February, the company signed a registration agreement with the Philippine Economic Zone Authority (PEZA) which will allow it to develop some 74,244 square meters of the former San Lazaro racetrack in Sta. Cruz, Manila into a tourism economic zone with information technology component.

The project to be called the San Lazaro Tourism and Business Park will be developed in a joint venture with property giant Ayala Land Inc.

ALI is currently building residential and commercial complexes including a one 14-storey BPO building in the area. 

MJCI Investments, Inc., a unit of Manila Jockey, is setting aside P383 million to put up and operate a Pagcor-accredited casino/hotel project in a 1.6 hectare lot.

Manila Jockey secured the Philippine Amusement and Gaming Corp.’s nod to run a casino, which would have an initial 200 slot machines and 10 gaming tables.

Once the casino building is completed, MJCI will start planning for the construction of a hotel adjacent to the establishment.