Latest Stories

MJC raises capital for P3.7B entertainment complex


The board of Manila Jockey Club has approved a capital buildup program for its hotel and tourism estate development arm MJC Investments Corp. (MIC) in order to fund a project at the San Lazaro Business and Tourism Park in Santa Cruz, Manila.

The project is estimated to cost P3.7 billion.

In separate disclosures to the Philippine Stock Exchange Thursday, MJC and MIC reported that the capital-raising program would also involve the additional subscription of a Hong Kong-based strategic investor. At stake is 875 million shares of stock.

The new investor group is represented by Teik Seng Cheah, managing director of ECM Libra Financial Group Berhad, a listed Malaysian boutique financial services group.

The subscription will be taken from the increase in the authorized capital stock of MIC to P5 billion.

“The funds generated from the subscription shall be used for the ongoing construction of the hotel and entertainment project in Sta. Cruz, Manila,” the company said in a statement.

“It is expected that MJC Investments will continue its capital raising program, which it may execute through future mechanisms of either debt or raising additional equity.”

The MIC board has also mandated Datem Inc. to be the general contractor for its hotel and entertainment project in Sta. Cruz, Manila.

Datem is among the Philippines’ leading general construction contractors, with extensive experience in commercial, residential and hospitality high-rise construction.

The estimated value of the contract awarded to Datem is P926 million.

Based on previous reports, an initial 33 percent stake in MIC was sold for P450 million (450 million shares at P1 each) to the same Hong Kong investor consortium.

The Sta. Ana project will involve the construction of an 18-story five-star all-suite international branded luxury hotel, and an expansive podium, which will be home to high-end restaurants, a columnless ballroom and over 5,000 square meters of themed indoor entertainment space.

The MJC group now conducts its racing operations in a facility in Carmona, Cavite.

It also operates off-track betting stations and is expanding its OTB network in Metro Manila as well as in provincial areas.

It has ventured into gaming operations with the establishment of a casino known as the Pagcor Club San Lazaro located on the third floor of the Turf Club at the San Lazaro Leisure Park in Carmona, Cavite.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , capital buildup , Manila Jockey Club , San Lazaro Business and Tourism Park

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Drunk passenger triggers Bali hijack alert
  • Businesswoman allegedly killed by husband, brother-in-law
  • Roxas suspended from golf club for outburst over P5,000 guest fee
  • SC reschedules oath-taking of new lawyers
  • Ex-COA chief seeks bail after arrest for plunder
  • Sports

  • Guiao fined P100,000 for ‘mongoloid’ comment vs Meralco forward
  • Hawks and Grizzlies revel in home wins
  • Floyd: Manny’s power gone
  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Plane lands at Bali airport in suspected hijacking—Indonesia air force
  • Obama lands in Seoul as N. Korea nuclear test fears grow
  • Militant protests vs Obama, US set
  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Marketplace