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SHARE price of Pacific Online Systems, the lottery
systems and terminal supplier of the Philippine Charity Sweepstakes
Office, surged nearly half on its first day of trading Thursday as
it plans to rollout new lottery game. In a briefing after the
company’s listing day at the Philippine Stock Exchange, Willy
Ocier, Pacific Online president, told reporters that share prices
rose 49 percent to P13.25 from P8.80 initial IPO price offering.
At 10 a.m., shares volume traded
reached 1.14 million shares. Asian Alliance Investment Corp. and BDO
Capital and Investment Corp. served as underwriters. Ocier said his
company raised P350 million from its IPO to be used to fund business
expansion.
“The IPO success was attributed
to the belief of investing public on the future of the company,”
Ocier said adding that investors were purely local, some 2 percent
was foreign.
“There is no greenshoe option.
This a straightforward IPO,” he added.
The company is selling 39.8
million of its total 191 million common shares to the public or
20.83 percent of its total capital. Of the total shares to be sold,
11.8 million new common shares would be issued on a primary basis
while 28 million common shares would be sold on a secondary basis.
Francis Lim, PSE president and
chief executive said the success of the company’s listing gives
the market more confidence in raising capital through the bourse.
Ocier added that the proceeds
will be used to fund additional betting terminals in the Visayas and
Mindanao regions.
The company plans to establish
additional 500 lotto terminals from the current 1,000 terminals.
In addition, Pacific Online
targets to rollout 200 Keno terminal this year with an investment
requirement of $3 million.
Keno played using a field of
number from 1 to 80. Better can select 10 numbers in that field. It
was popularized in Australia and Europe.
“We are confident on the market
of Keno,” Ocier said as he expects that the new game will take off
in three to four years.
Currently, Pacific Online has 20
Keno terminals in Luzon.
The company operates the Lotto
6/42, Superlotto 6/49 and EZ2 games.
Ocier also projected a net income
of P170 million this year from P50 million in 2005.
Pacific Online is a unit of both
Belle Corp. and Abacus Consolidated.
--Darwin G. Amojelar
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