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SEC okays PRCI preemptive rights offer


By Zinnia B. Dela Peña Updated December 07, 2008 12:00 AM

[ philstar.com ]


The Securities and Exchange Commission has approved the planned P55.4-million stock rights offering of horse racing operator Philippine Racing Club Inc. (PRCI).


The offering involves 15.829 million shares priced at P3.50 each share. Shareholders can buy one share for every 36 shares held as of a record date yet to be approved by securities regulators.


Proceeds will be used to partially fund the completion of a new racetrack in Cavite which include a grandstand and stable facilities for about 1,500 horses.


The completion of the new racetrack will pave the way for the eventual transfer of 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 on Tuesdays, Wednesdays, Thursdays, Fridays, Saturdays and Sundays. The Sta. Ana racetrack 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. The farthest OTB in the north is in Laoag, Ilocos Norte and in the south is in Bacolod City, Negros Occidental.


Expansion is Luzon area is given more focus due to a better awareness of people as compared to those in the Visayas and Mindanao. The target areas remain to be major and progressive cities in the provinces.

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