HORSE racing operator and property developer Philippine Racing Club Inc. (PRCI) has bought P300 million worth of treasury shares of Sta. Lucia Land Inc., acquiring 4.45 percent of the property developer’s outstanding stocks.
PRCI disclosed to the Philippine Stock Exchange on Wednesday its acquisition of 400 million common shares of Sta. Lucia at P0.75.
In a separate disclosure, Sta. Lucia said it had sold these 400 million treasury shares at a price above the 30-day volume-weighted average price of P0.7321 computed as of Dec. 18.
The stake is equivalent to 4.45 percent of Sta. Lucia’s outstanding shares after the transaction.
But based on Sta. Lucia’s 10.8 billion issued shares, PRCI’s acquisition represents a 3.7 percent stake.
Sta. Lucia has about 2.25 billion in treasury stocks which have been authorized for sale. After this transaction, it is still has 1.85 billion treasury stocks which could be placed out.
PRCI has authorized its president Simeon Cua to execute and implement the acquisition of Sta. Lucia shares through the Philippine Stock Exchange.
A group of Filipino and American businessmen organized the country’s largest racing club, the Santa Ana Turf Club—which is now known as the Philippine Racing Club—in 1937. Until end-2008, its racetrack facility was located at the 21.6-hectare Santa Ana district in Makati City. In 2009, the horse racing operation was transferred to Naic, Cavite.
The former racetrack in Makati is now being developed into a P20-billion mixed use, residential-commercial project called Circuit Makati in partnership with Ayala Land Inc.
The portfolio of Sta. Lucia, for its part, consists of horizontal and vertical residential developments across the country alongside a shopping mall in Cainta, Rizal, called Sta. Lucia East Grand Mall. Its target client includes overseas Filipino workers, foreign investors, retirees, young urban professionals and newly married couples, among others. Doris Dumlao-Abadilla