<article>The <a style="color: #333399;" href="http://www.prci.com.ph" target="_blank">Philippine Racing Club Inc (PRC)</a> acquired a stake in its related company <a style="color: #333399;" href="http://www.stalucialand.com.ph/" target="_blank">Sta. Lucia Land Inc (SLI)</a> investing up to $6.3 million (P300 million).</article>

The <a style="color: #333399;" href="http://www.prci.com.ph" target="_blank">Philippine Racing Club Inc (PRC)</a> acquired a stake in its related company <a style="color: #333399;" href="http://www.stalucialand.com.ph/" target="_blank">Sta. Lucia Land Inc (SLI)</a> investing up to $6.3 million (P300 million).
PRC informed the stock exchange on Monday that it bought a total of 400 million treasury shares in PRC at P0.75 apiece, acquiring a 4.47 per cent ownership of the realty firm.
The price per share was based upon mutual agreement of both listed firms. PRC made the payment through a P300 million check.
&#8220;The intention of this transaction is for long term investment in a real estate company with big revenue and growth potentials,&#8221; PRC said in a statement.
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SLI and its majority shareholder <a style="color: #333399;" href="http://staluciarealty.com/" target="_blank">Sta Lucia Realty and Development Inc</a> jointly owns around 12.27 per cent of PRC prior to the transaction.
SLI president Exequiel Robles is vice chairman of PRC, while PRC chairman Emeritus Santiago Cua is a member of the board of SLI.
Only last December 20, SLI forayed into the bond market, raising P4 billion from the issuance of fixed rate bonds due 2018 and 2021.
SLI plans to use the net proceeds from the bond offering to refinance the company’s secured loans and fund capital expenditure on land banking and ongoing real estate projects.
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As of end September 2015, SLI had P3.25 billion worth of secured loans with interest rates of between 4.75 per cent and six per cent and maturities between 2105 and 2018.
SLI reported a 51-percent increase in net income to P514.2 million in the first nine months of the year from P339.8 million year-on-year.
Consolidated revenues stood at P2.25 billion, up 48 per cent from P1.52 billion registered in the same period last year, with bulk of the revenues coming from real estate sales.
SLI plans to double capital expenditures in 2016 to P4 billion from P2 billion in 2015 to finance land banking activities and construction of new subdivision projects.
SLI and PRC&#8217;s last trading prices closed at P8.86 and P0.78, respectively.
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The Philippine Racing Club Inc (PRC) acquired a stake in its related company Sta. Lucia Land Inc (SLI) investing up to $6.3 million (P300 million).

Philippine Racing Club acquires stake in Sta. Lucia Land for $6.3m

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Philippine Racing Club acquires stake in Sta. Lucia Land for $6.3m

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