MANILA, Philippines - MJC Investments Corp. (MJIC), a company majority owned by Manila Jockey Club Inc. of the Reyno family, is deriving fresh funds for the ongoing construction of a tourism hub at its former San Lazaro racetrack in Manila from additional shares subscription by a strategic investor.
In a disclosure to the local bourse, MJIC said its board has given its nod to the additional subscription of 673.79 million shares made by “the corporation’s strategic investor from Hong Kong represented by Teik Seng Cheah through its Philippine affiliates.”
The listed Manila Jockey subsidiary said the funds to be generated from the subscription would be used for the construction of its hotel and entertainment project in Sta. Cruz, Manila.
A consortium of investors from Hong Kong in 2013 already bought 33 percent of MJIC for P450 million. The group’s entry was seen to help boost funding needed for the development of the hotel and entertainment project.
MJIC is currently undertaking its first major project through construction of a luxury hotel, entertainment and tourism hub in a 7,500-square meter site at the San Lazaro Business and Tourism Park.
The project will include an 18-story all-suite international branded luxury hotel, and an expansive podium that is expected to be home to high-end restaurants, a ballroom which can accommodate 1,000 persons, 900 parking slots and over 5,000 square meters of internationally designed themed indoor entertainment spaces.
“This project marks the first-ever construction of a five-star hotel and high-end entertainment project of this scale to be built in the heart of Greater Chinatown,” MJIC said in its website.
MJIC said the hotel, entertainment and tourism hub is targeted to be fully operational within the year.
The company was initially incorporated to be engaged in the mining business but its business has already diversified to focus in the growing Philippine tourism industry.