PRCI corporate secretary Jesulito Manalo told the Philippine Stock Exchange that the company’s board has approved the sale of the controlling shares of Sta. Ana Park Square Holdings to Precision Holdings & Equities Corp., a group of local businessmen.
Sta. Ana Park Square was spun off last year and was assigned a portion of the total 25.6-hectare property, or about six hectares, of the Makati racetrack to pay for PRCI’s subscription to the capital stock.
The sale to Precision was part of PRCI’s plans to raise funds that would enable it to service/pay its loan obligation to Allied Bank and to complete the development of a new racetrack site in Cavite.
PRC was established in 1935 and was listed in 1952, making it one of the country’s oldest race clubs. It operates a nationwide network of off-track betting stations equipped by computerized facilities.
As part of its corporate restructuring, its real estate assets have been transferred to an affiliate company, the investment holding firm Ebecom Holdings Inc. controlled by the family of former Finance Secretary Edgardo Espiritu.
At present, PRCI is focused on its plan to relocate is race site and transform its Makati property into a commercial/residential district.
Incidentally, another racetrack operator, the Manila Jockey Club which operates the San Lazaro track in Tayuman, Manila is likewise relocating its facilities in Cavite to give way for the old site’s conversion into a commercial district anchored by the SM mall.s