MJCI sets stock rights offer

MANILA, Philippines - Manila Jockey Club Inc. (MJCI), the first racing club in Southeast Asia, will undertake a stock rights offering to raise funds for its projects, the company said yesterday.

In disclosure to the Philippine Stock Exchange, MJCI said its board approved a stock rights offer to existing shareholders at a ratio of one share for every two shares held at par value.

The shares to be offered shall be taken from the increase in the company’s authorized capital stock of Manila Jockey from P500 million to P1 billion approved last year.

The record date and other details of the stock rights offer are still subject to the approval of securities regulators, MJCI said.

MJCI is engaged in the construction, operations, and, maintenance of a racetrack located in Cavite and holding of horse races therein, with bettings both directly or indirectly by means of mechanical, electronic and computerized totalizator.

As of end-2008, the company had a total of 230 off track betting (OTB) stations, 23 of which are located in provincial areas.

MJCI is also engaged in the development and sale of residential complexes through joint venture arrangements with property developers. It has three wholly- owned subsidiaries: San Lazaro Resources and Development Corp., SLLP Holdings Inc. and New Victor Technology Ltd.

In February, the company signed an agreement with the Philippine Economic Zone Authority (PEZA) allowing it to develop some 74,244 square meters of the former San Lazaro racetrack in Sta. Cruz, Manila into a tourism economic zone with information technology component.