Pacific Online raises P212.83M from treasury share sale
The Manila Times
PACIFIC Online Systems Corp., the online lottery system provider of Philippine Charity Sweepstakes Office (PCSO) in the Visayas and Mindanao, has raised P212.83 million from the sale of its remaining treasury shares to finance its expansion.
The company disclosed that it has sold 11.77 million authorized treasury shares at P18.08 each, adding to the 40.29 million treasury shares the company has sold to date.
Willy Ocier, Pacific Online vice chairman and president, told The Manila Times that the funds will be used to improve the company’s infrastructure network and expand its terminals.
“We continue to invest in our network infrastructure to ensure reliability and full redundancy, to make sure that sales of PCSO’s online lottery products are ensured. We now have almost 5,000 terminals nationwide selling PCSO games,” he said.
Ocier noted the money will also be used to buy additional terminals. “As long as the PCSO approves new agents, we will install terminals and ensure connectivity,” he said.
Pacific Online earlier aimed for P16 billion in sales for 2015.
In the first three months of the year, its consolidated net operating income grew by 4 percent to P136 million from P131 million a year earlier.
As of end-March, Pacific Online has 4,420 terminals selling various lottery games operated by the PCSO.