Rappler - A group of Hong Kong-based investors is acquiring a 33% stake in a unit of Manila Jockey Club, one of Asia's oldest racing clubs, which will pursue casino, entertainment, and other tourism-related ventures, as well as develop the San Lazaro horse racing hub in Manila.
In a disclosure to the stock exchange on Friday, January 18, MJC Investments Corp. (MJIC), the hotel and tourism estate unit of Manila Jockey, said the group led by investment banker Cheah Teik Seng will subscribe to 450 million MJIC shares with a two-year lock-up period.
It did not provide additional details, except that Manila Jockey will retail control.
Seng is Executive Director of boutique group, ECM Libra Financial Group Berhad, and was former managing director of BNP Paribas in Hong Kong as well as ECM Libra Financial Group Berhad. He has more than 20 years working experience in the international investment banking industry, and currently sits in various boards of companies in Hong Kong, China and Malaysia.
Manila Jockey previously increased its capital base from P1.5 billion to P5 billion to accommodate the entry of new business partners as part of efforts to expand and participate in the growth of the tourism sector without incurring additional debts.
Its key assets are the San Lazaro estate in Sta. Cruz, Manila spanning about 7,500 square meters, as well as undeveloped parcels of land, including a 1.67-hectare property, and another 5,000-square meter property near San Lazaro.
Manila Jockey conducts its racing operations at its facility in Carmona, Cavite.
The Sta. Ana race track -- the other racing circuit in Manila -- is being converted into an entertainment and sports complex by the Ayala group. The development is a joint venture with the Philippine Racing Corporation, which has relocated the Sta. Ana race track to Cavite.
For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.ph.
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