The Manila Jockey Club, through its property unit, MJC Investment Corporation, has approved the issuance of shares to Hong Kong-based investors, creating more funds to help in the construction of the firm’s resort and entertainment project in Manila.
According to a disclosure to the 450 million shares, MJC Investments’ strategic investors from Hong Kong is set to subscribe an additional 673.791 million shares in the company. Details on the transaction are still being kept under wraps, including the amount of money the Hong Kong investors, represented by Cheah Teik Seng, paid to subscribe to the new shares.
The new round of investments, which also includes East Bonham Holdings Incorporated, Branford Ridge Holdings Incorporated, Orchardstar Holdings Incorporated, Belltower Lakes Holdings Incorporated, Purple Cassady Holdings Incorporated, and Cherrygrove Holdings Incorporated, is the second infusion of money the Hong Kong investors have put into MJC, following a February 2013 agreement between the two sides that saw investors subscribe to 450 million shares in the company at a subscription price of Php1 per share, amounting to Php450 million.
MJC’s Manila project includes a five-star hotel located on a 7,500-square meter site inside the San Lazaro Tourism and Business Park. Once fully developed, the site would complement existing high-end projects in the area, including a residential condominium project between MJC and Ayala Land incorporated.
It’s also part of an ongoing revitalization program for San Lazaro, which MJC is tying to polish up to cater to local visitors and East Asian tourists, offering them a chance to enjoy high-quality accommodations and entertainment and recreational options close to the country’s Chinatown district.
The 160-room hotel project is set to be completed within the year, adding to a growing list of business expansions currently being undertaken by MJC. The company has also established the PAGCOR Club San Lazaro in Carmona, Cavite, which is in the middle of expanding its off-track betting (OTB) network in various parts of Metro Manila and other provinces in the Philippines.
