PHILIPPINE Racing Club, Inc. (PRC) said its board approved this week investments in two firms to bolster its gaming operations.
The racetrack operator told the stock exchange Friday: “Fulcrum Computer Services Inc. will be incorporated to engage in computer rental business and for organizing events for computer and video games,” it said about one of the new subsidiaries.
Fulcrum Computer Services will have authorized capital of P10 million and will be 75%-owned by PRC, and 25% owned by Ronald Allan A. Caluste and Christian F. Peña. The initial subscription of PRC will be 18,750 shares at a par value of P100.
Meanwhile, Santa Ana Racing Park, Inc. will be incorporated to engage in various gaming businesses. It will have an authorized capital of P100 million and will be wholly owned by PRC, which will initially subscribe to P25 million shares at P1 par value.
PRC has a franchise to operate a race track and manage betting stations.
It is also in the property business, including leisure and recreational developments and memorial parks.
The decision to invest in the two subsidiaries was approved by PRC’s board on Nov. 7. — Victor V. Saulon