LISTED Pacific Online Systems Corp. disclosed on Monday that its joint venture won the public bidding for the lease of Philippine Charity Sweepstakes Office’s (PCSO) P5.8-billion new lottery system.

“The PCSO further advised that pursuant to the requirements of the Government Procurement Law [or Republic Act No. 9184], a formal contract will be executed with the joint venture after the latter shall have complied with the requirement to post Performance Security,” Pacific Online said.

The company has a 50% stake in its joint venture with the Philippine Gaming Management Corp. (PGMC), which has a 49% share, and International Lottery & Totalizator Systems, Inc. (ILTS), with one percent.

Pacific Online and PGMC are currently equipment lessors to PCSO, while ILTS is the equipment supplier of PGMC.

“The benefits and costs to the joint venture will be shared in accordance with the parties’ respective participation,” Pacific Online said.

The PCSO gave the notice of award, which stated that the joint venture was declared as the single calculated and responsive bid for the procurement of a five-year lease of the customized PCSO lottery system or the 2021 PLS Project. The contract price amounts to P5.8 billion.

Pacific Online shares at the stock exchange went up by 13.78% or 27 centavos on Monday, closing at P2.23 apiece. — Keren Concepcion G. Valmonte