Manila Jockey acquires firm

Racetrack operator Manila Jockey Club Inc. has acquired majority interest in another listed company, Aries Prime Resources Inc., through a property-for-share agreement. Manila Jockey, which operates a racing track at the San Lazaro Leisure Park in Carmona, Cavite, said that its board of directors approved the transfer of the company's noncore assets to Aries in exchange for 90 percent of Aries' outstanding capital stock. Shares of Aries Prime yesterday jumped P0.86, or 49 percent, to P2.60, the biggest gainer in the stock market. The property-for-share exchange agreement calls for a ratio of one share of stock of Aries for every P1 value of Manila Jockey assets. Aries will become a majority-owned company of Manila Jockey and will be renamed MJC Investment Corp. Aries is raising its authorized capital stock to P1 billion from P500 million to accommodate the additional shares to be owned by Manila Jockey under the swap deal.

in Manila Stardard Today by Jenniffer B. Austria
April 18, 2008
Read the article