Manila Jockey lists more shares

Business World

May 31, 2011

Listed Manila Jockey Club, Inc. listed nearly P300 million worth of common shares on local stock exchange yesterday. Proceeds from the P287.49 million share listing “will be used to pay [for the company’s] subscription to 107 million shares of subsidiary MJC Investment Corp. valued at P80.52 million,” Manila Jockey said in a statement.

The generated funds will also be used to pay off short-term loans with BDO Unibank and Bank of the Philippine Islands worth P161.56 million, the firm said. The remaining P39.20 million worth of proceeds will meanwhile be used as working capital for the year, Manila Jockey said.

“The shares, valued at P1 each, were fully subscribed after its listing at the Philippine Stock Exchange with P6.20 million counted as offer-related expenses,” it added.

This was after the local bourse’s board of directors approved the firm’s application for the additional listing shares back in April.

The offer period had run from May 16 to 20, according to earlier reports. Manila Jockey Club said it is in the middle of 10-year development plan that had them relocating and developing the San Lazaro Leisure Park from Manila to a 77-hectares property in Cavite.

The Manila racetrack is under development for a township project after it was transformed into the Philippine Economic Zone Authority- registered San Lazaro Tourism and Business Park.

The will also feature a 250-room Mercure hotel under an agreement between Manila Jockey’s subsidiary and Accor Group affiliate, AAPC Singapore pte. Ltd. The Accor Group, one of the top hotel managers in the world, operates and manages 4,163 hotels with 498,617 rooms in 90 countries.

This was after the firm signed a similar deal for state-run Philippine Amusement and Gaming Corp. to open a casino in the hotel. Manila Jockey Club was incorporated in March 1937 to operate and maintain a racetrack and conduct horse races.

It has racing operations in Carmona, Cavite while operating off-track betting stations. The company engages in the development of its real estate assets through joint ventures.

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