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PRCI sets P55-M stock rights offer

[ Manila Bulletin Online ] July 13, 2008
By ANA MARIE MACUJA


Publicly-listed Philippine Racing Club, Inc. (PRCI) hopes to raise some P55.4 million from a preemptive stock rights offering this year, with proceeds going to the construction of a new racetrack facility in Naic, Cavite.

PRCI told the Securities and Exchange Commission (SEC) it will offer a total of 15.82 million common shares to existing shareholders at a ratio of one right for every 36 existing common shares at P3.50 per share.

The shares to be issued will come from the company’s unissued capital stock. PRCI has authorized capital stock of P1 billion, consisting of one billion common shares with par value of P1 apiece.

Offer period will be from July 28 to August 1. The shares will be listed in the Philippine Stock Exchange (PSE) on August 11.

The company has tapped Asian Alliance Investment Corporation as the underwriter of the stock rights offering.

PRCI is constructing a new and modern racetrack facility in Naic to be completed by the third quarter of the year. The 70-hectare facility is three times the size of its 21.8-hectare racetrack in Makati City.

The Naic racetrack will become the new site of PRCI’s racing operations, as the company plans to redevelop the Makati racetrack into a commercial and residential area, through a share swap deal with holding firm JTH Davies.
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