Pacific Online Systems Corp. said state-owned Philippine Charity Sweepstakes Office extended its equipment leasing agreement for another year.
POSC said in a disclosure to the stock exchange the extension was effective beginning August 1, 2019.
“The extension is a stop-gap measure to ensure the unhampered lotto operations of PCSO and to allow it to complete the procurement or bidding process for a new PCSO Lottery System. All other terms of the existing ELA remain unchanged,” POSC said.
POSC said Tuesday leasing agreement expired on July 31, 2019.
POSC is the lessor of the online lottery system being used by PCSO for its lotto operations in Visayas and Mindanao, while unit Total Gaming Technologies Inc. is the equipment lessor for PCSO’s Keno game nationwide.
The leasing agreement of Philippine Gaming Management Corp., which is 39.9-percent owned by Berjaya Philippines Corp., is also set to expire on August 22, 2019
PGMC supplies lottery equipment used by PCSO for its lotto operations in Luzon.
President Rodrigo Duterte on July 26 ordered the closure of all gaming activities sanctioned by PCSO due to allegations of corruption.
But Malacañang on Tuesday lifted the suspension on lotto games.
Other gaming activities of PCSO, such as small town lottery, Keno and Peryahan ng Bayan, however, will remain suspended.
POSC is a unit of Premium Leisure Corp. Share price of POSC on Friday rose 3.3 percent to P2.79.
The stock prices of POSC and Berjaya on Monday fell Monday after President Duterte ordered the agency to stop all lottery and gaming operations.
Berjaya saw its stock drop 6.5 percent to P2.44, while the share price of Pacific Online Systems Corp. declined 13.6 percent to P2.53.
Berjaya said the suspension of all PCSO gaming activities would only have an effect on the company if the suspension was extended.
