MJC Investments Corporation (MJIC), owner and operator of the Winford Leisure and Entertainment Complex and Winford Hotel and Casino, plans to wipe out its P2.28-billion capital deficit by next year.

In a disclosure to the Philippine Stock Exchange, the firm said its 18 participating stockholders have agreed to convert their advances amounting to P2.43 billion into advanced paid-in capital (APIC). This conversion will bring MJIC’s stockholders’ equity from negative to positive.

“The Participating Stockholders manifested their preference and willingness to convert the Stockholders’ Advances into APIC without the issuance of new shares to cure the Company’s negative equity position, which stands at (P2.28 billion) as of Sept. 30, 2024,” MJIC said.

It explained that, “The path to pursue the creation of APIC without the issuance of new shares instead of converting the Stockholders’ Advances into equity via private placement was adopted to achieve the objective of wiping out the capital deficit of the corporation sooner without diluting the minority shareholders.”

To do this, MJIC will secure approval of the conversion from its board of directors during a special meeting to be held in January 2025.

It will then seek regulatory approval from the Securities and Exchange Commission (SEC) for the conversion after submitting all documentary requirements. The conversion will be completed within five days after the SEC releases the required clearance and the independent auditor’s report.

The participating stockholders include Manila Jockey Club Inc., One Wisteria Loop Holdings, Inc., Orchardstar Holdings, Inc., Purple Cassady Holdings, Inc., Flying Heron Holdings, Inc., East Bonham Holdings, Inc., Cherrygrove Holdings Inc., Belltower Lakes Holdings, Inc., Branford Ridge Holdings, Inc., Mulberry Orchid Holdings, Inc., Everdeen Sands Holdings, Inc., Belgrave Square Holdings, Inc., Savile Row Holdings, Inc., Fairbrooks Holdings, Inc., Montbrecia Place Holdings Inc., Pepperberry Vista Holdings Inc., Grand Prosperity Hotels & Leisure Corp., and Grand Stallion Hotels & Amusement, Inc.

MJIC was incorporated on July 15, 1955, as Palawan Consolidated Mining Company, Inc. to engage in the mining business.

It changed its primary purpose to that of an investment holding company and its corporate name to EBECOM Holdings, Inc. on February 12, 1997. In September 2003, the Company again changed its corporate name to ARIES Prime Resources Inc.

At present, MJIC owns and operates Winford Hotel and Casino located within the San Lazaro Tourism and Business Park in Sta. Cruz, Manila.