Lotto firm to list shares
Leading online lottery distributor Lucky Circle Corp. plans to list on the Philippine Stock Exchange by way of introduction—or without an immediate initial public offering—to unlock more value for shareholders of parent firm Pacific Online Systems Corp.
Pacific Online chairman and president Willy Ocier confirmed the plan of Lucky Circle to debut by way of introduction, adding that the filing would be done by the last quarter of this year.
“We want to enhance shareholder value and benefit LOTO (referring to the ticker of Pacific Online on the local stock exchange) shareholders,” Ocier said.
If regulatory approvals are obtained to enable the listing by introduction within this year, Lucky Circle will be required to conduct an IPO within 12 months, or by 2012.
Apart from owning lottery outlets in Visayas and Mindanao, Lucky Circle also has a presence in Luzon as a selling agent of Philippine Gaming Management Corp., the Philippine Charity Sweepstakes Office’s sole lottery equipment provider for Luzon.
Given the exclusive agreement between Lucky Circle and the SM shopping mall group, PGMC also employs Lucky Circle as selling agent in Luzon.
Lucky Circle owns, manages and operates 114 outlets nationwide.
Last March, the PSE again allowed listing by way of introduction using a new set of rules, including tighter rules on valuation, lock-up requirements on shares of substantial shareholders and mandatory public offering one year after the listing by way of introduction.
