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Manila Jockey Club unit gets new investors

Posted on October 22, 2012 11:14:22 PM [ BusinessWorld Online ]

A SUBSIDIARY of listed Manila Jockey Club, Inc. has accepted the investment of 16 holding companies, a development seen to provide fresh funds to bankroll its projects, the company said in a disclosure to the Philippine Stock Exchange yesterday.

“Manila Jockey Club Investments Corp. today announced that in its regular meeting of board of directors, it approved the subscription by 15 investment holdings companies to 2,148,720,655 new shares for a total consideration of P2,148,720,655,” the company said.

The investment was made possible as the company increased its authorized capital stock to P5 billion from P1.5 billion. “Recently, the shareholders of MIC (Manila Jockey Club Investments Corp.) had approved the increase of MIC’s capital stock from P1.5 billion to P5 billion to accommodate the entry of new investors and new capital as MIC prepares to aggressively enter the fast-growing tourism sector” the disclosure read.

MIC’s first tourism project, a hotel entertainment and tourism hub, is to be located at the San Lazaro Business and Tourism Park in Sta. Cruz, Manila. The project is envisioned to have be a 18-floor tower and podium with an initial complement of 160 rooms and 900 parking slots. The project is expected to be completed by 2015, the disclosure said. Other projects include a resort-style leisure hotel and complex to be located at the San Lazaro Leisure Park in Cavite and high-income residential facilities, among others.

Manila Jockey Club started as a racetrack operator for horse racing and eventual expanded into real estate. The company’s shares added 26 centavos or 8.58% to P3.29 apiece on Monday. -- CHCV      
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