Abacus to sell stake in lotto company

Listed Abacus Consolidated Resources and Holdings, Inc. is selling its 18.23-percent stake in the exclusive online lottery system provider of the Philippine Charity Sweepstakes Office. The company told the Philippine Stock Exchange on Tuesday it was disposing of its Pacific Online Systems Corp. shares to raise funds for its joint venture with the Philippine National Oil Co. (PNOC) for the first phase of the Batangas-Manila natural gas pipeline project. Abacus also said it would channel the funds to the Diosdado Macapagal International Airport Terminal 2 project, which is under negotiation with the Clark International Airport Corp. The firm also said it would use the money to develop its Montemaria and related real estate projects in Batangas City. "The sale of the Pacific Online shares will also allow Abacus to recognize profits from the market appreciation of the [stocks]," it added. Last week, Abacus said it had submitted a proposal to the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) to develop the 100-kilometer pipeline, which stretches from Manila to Batangas. Incorporated in 1981 as Piedra Negra Mining Corp., Abacus used to be coal miner. It eventually expanded into the lease of gaming equipment and formed Pacific Online together with two other partners in 1993. — GMANews.TV