Listed firm Megawide Construction Corp. said Wednesday it will purchase all the outstanding shares of real estate company PH1 World Developers Inc. for P5.2 billion.
The company will acquire PH1 World from Citicore Holdings Investments Inc.
Megawide said the acquisition cost “was arrived at after a careful deliberation by the Company and valuation study of PH1 World Developers Inc. in accordance with the 2022 International Valuation Standards.”
It added that FTI Consulting Philippines Inc., an accredited appraiser by the Securities and Exchange Commission, described the purchase price in the Fairness Opinion Report it issued as “fair from a financial point of view.”
FTI Consulting estimated the value of PH1 World between P3.82 billion and P6.17 billion.
PH1 World is a real estate company with four existing projects: The Hive, My Enso Lofts, Modan Lofts Pasco, and Modan Lofts Ortigas Hills. The company also has additional pipeline projects, including developments such as PH1 World Landscapes Inc. and Famtech Properties Inc.
