Belle Corp subsidiary to pursue racetrack project

Metro Manila Turf Club, which is 70-percent owned by Belle Corp., said Friday it had signed a memorandum of agreement to develop a racetrack complex with Equitrak Management Corp. for P500 million. In a disclosure, Metro Manila Turf Club said that under the agreement, Equitrack Management Corp. will raise the P500 million needed for the construction of the racetrack complex facilities, either internally or through third-party investors. The company did not disclose the location of the project. In exchange for the fund-raising obligation, Equitrak will receive 20 percent of Metro Manila Turf’s outstanding equity. Equitrak will also return to Belle and Sinophil a 150-hectare property previously earmarked by Metro Manila Turf for the facility, and instead secure another site for the complex. Metro Manila Turf chairman Willy Ocier said the company has decided to pursue the racetrack project at this time due to favorable market conditions and strong potential of the horseracing business. Ocier said groundbreaking at the racetrack will take place within the next 12 months. - GMANews.TV