Business Headlines

Xavier connection: Willy Ocier, Paul Soo strike partnership to avoid winner take-all duel for the new P6.5B lotto contract of PCSO

Bilyonaryos Willy Ocier and Paul Soo have decided team up rather than engage in a winner-take-all battle for the five-year, P6.5 billion lease contract lotto system of the Philippine Charity Sweepstakes Office.

Ocier’s Pacific Online Systems Corp. (POSC) will have a 50 percent stake in the proposed partnership with Soo’s Philippine Gaming Management Corp. (PGMC) getting 49 percent and the remaining one percent to be held by International Lottery and Totalizator Systems Inc. (ILTS).

The current lotto system is divided between POSC (Visayas and Mindanao) and PGMC (Luzon). ILTS is PGMC’s equipment supplier.

“By agreeing to participate in the bidding for the 2021 PLS Project together, Pacific Online, PGMC, and ILTS will be banking on their collective experience and expertise that they earned as equipment lessors to PCSO since the inception of online lottery gaming in the Philippines in the mid-1990’s.

On the part of PCSO, it will continue to benefit from the collective efficiency and reliability that its current equipment lessors have built up on through the past two decades or so,” said POSC in a disclosure.

“Should the joint venture be successful with the bid and is awarded the contract for the same, the Bidding Rules of the PCSO requires that the joint venture shall be incorporated and registered with the Securities and Exchange Commission (SEC),” it added.

The bidding scheduled for March 29 has been postponed due to the declaration of localized enhanced community quarantine.

Ocier and Soo are both alumni of Xavier School in Greenhills, San Juan.

5 1 vote
Article Rating
Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x