MJC corporate secretary Ferdinand Domingo told the Philippine Stock Exchange that the company’s board of directors had approved the segregation of a four-hectare portion from the 16-ha. property in San Lazaro, Manila to be converted into a shopping area.
At the same time, Domingo said a wholly owned subsidiary will be formed as the corporate vehicle for the site’s development although he did not give details on the matter.
Established in 1937 and listed in 1963, MJC is principally engaged in horse racing. As one of the oldest racing clubs, it conducts horse races and develops horse race tracks in the San Lazaro hippodrome in Manila. It also operates a number of off-track betting stations throughout Metro Manila.
The company’s diversification into real estate development was approved by MJC stockholders as early as 1999 but was only pursued actively this year. Aside from a commercial complex, the company is looking at other ventures such as leisure, recreational and memorial park projects.
MJC sank in the red in 1999 with a P15.66 million net loss due to the slowdown in racing revenues, and higher costs of operations. – Conrado Diaz Jr.