Malaysian group sells off Pacific Online stake

Pacific Automated Systems Corp., a Philippine subsidiary of Malaysia’s Tanjong Group, sold 34.59 million shares of lottery company Pacific Online Systems Corp., representing a stake of about 12 percent, for 484.3 million pesos ($10.9 million).

Willy Ocier, chairman of Pacific Online, told the Philippine Daily Inquirer the buyers were a mix of local investors and funds and noted Tanjong had previously sold off its Malaysian lottery and race betting businesses. Pacific Online last month reported an 8 percent rise in first half profit to 205.9 million pesos on a 13 percent rise in revenue to 834.6 million pesos.