MANILA, Philippines - MJC Investments Corp. on Monday has approved P2-billion worth of equity infusion from various firms to fund its tourism and entertainment project in Manila.
In a disclosure, the firm said 16 investment holding companies subscribed to a total of 2.149 billion new MIC shares at P1 apiece, amounting to a sum of P2.149 billion in fresh capital for MIC.
Proceeds from the placement will fund the construction of MIC's hotel, tourism and entertainment hub situated in San Lazaro Business and Tourism Park in Sta. Cruz, Manila, the firm said. The project, an 18-storey tower with 160 rooms and 900 parking slots, is expected to be completed by 2015.
"[T]he investment ensures that the entire project cost related to the MIC's first development project-also the first true luxury hotel to be built North of the Pasig River in many years-will be fully covered," Alfonso R. Reyno, Jr., MIC president, said in the disclosure.
Moreover, Reyno said the project shows that his firm is "fully committed to becoming a significant participant in the rapidly growing toursim and entertainment space."
Aside from the hub in Manila, MIC plans to build a resort-style leisure hotel and complex in Carmona, Cavite.
A trading halt on MIC's shares will be implemented on Tuesday between 9:00a.m. and 10:00a.m. as a result of the recent announcement.