MANILA, Philippines ? The Philippine Racing Club, country?s largest horse racing operator, is selling its 69-percent stake in publicly listed but dormant holding firm JTH Davies Holdings, Inc. to help pare down its debt stock.

In a disclosure to the Philippine Stock Exchange on Wednesday, PRC said its board had approved a plan to unload its 210.64 million shares in JTH Davies at no less than P0.73 per share.

This suggested that PRC could raise about P153.7 million from the sale. The floor price, however, is at a significant discount to JTH Davies' market price. In the last 30 days, its share price has traded between a high of P2.50 and a low of P1.22 at the stock market.

The disclosure said the board had given Ramon Ereneta Jr., PRC's executive vice president and chief operating officer, ?full power and authority? to accomplish the sale. It added that part of the proceeds would be used to ?partially pay off the company's loans.?