PACIFIC Online Systems Corp. has signed an agreement for the five-year lease of the customized Philippine Charity Sweepstakes Office (PCSO) Lottery System (PLS).
The company told the exchange on Wednesday that it signed the memorandum of agreement with PCSO along with joint venture partners Philippine Gaming Management Corp. (PGMC) and International Lottery & Totalizator Systems, Inc. (ILTS).
In September, listed Pacific Online said the joint venture won the public bidding of the 2021 PLS Project, which was under PCSO’s SBAC Contract No. 2021-01.
“The benefits and costs to the joint venture will be shared in accordance with the parties’ respective participation,” the disclosure stated.
Pacific Online has a 50% share in the joint venture, PGMC has 49%, and ILTS has a 1% stake.
ILTS is PGMC’s equipment supplier, while Pacific Online and PGMC are equipment lessors to PCSO.
According to its regulatory filing on Nov. 11, the joint venture has 14 months to operationalize the new PLS once it receives a notice to proceed from the PCSO.
Pacific Online shares on Wednesday declined 6.09% or 12 centavos to close at P1.85 per share. — Keren Concepcion G. Valmonte