MANILA, Philippines - MJC Investments Corp. said Hong Kong investors will be subscribing to 450 million of the firm's shares, prompting a trading halt for the company on Friday morning.
In a disclosure, the firm said its board of directors accepted the offer of a group of Hong Kong investors headed by Cheah Teik Seng to subscribe to 450 million common shares of the firm.
"Mr. Cheah Teik Seng is a Hong Kong-based investment banker and seats in the Board of various private equity companies in Hong Kong, China and Malaysia," MJC Investments said.
The subscription has a lock-up period of two years, and MJC Investments stressed its parent company Manila Jockey Club, Inc. remains the controlling shareholder in the company.
In October last year, MJC Investments approved a P2-billion worth of equity infusion from 16 firms to fund the company's tourism and entertainment project in Manila.