NO MORE SAN LAZARO HORSE RACES

Manila, Nov. 5, 1997 - The Manila Jockey Club, a subsidiary of the Wesmont Group of Malaysia, has temporarily suspended its racing track operations with the expiration of its franchise.

In a brief disclosure to the Securities and Exchange Commission, MJC said the legislative franchise of the firm under Republic Act 663 expired last Oct. 23.

The company applied for a 25-year extension of its congressional franchise. The bill has been approved in both the House of Representatives and the Senate, and is now awaiting the signature of President Ramos to become law.

While waiting for the President to legalize their races, the MJC has temporarily stopped racing, a move which means P5.3 million in monthly losses to the company.