Megaworld Corp., the property development arm of billionaire Andrew Tan, said it raised P1.71 billion from the sale of 84.8 million shares of its real estate investment trust MREIT, Inc. The shares were priced at P13.82 per share.
The block sale will be settled on Tuesday, July 29.
Megaworld said the proceeds from the sale will be used in accordance with a reinvestment plan, which will be submitted for approval. The exact details of the plan remain undisclosed, but the reinvestment is expected to support Megaworld’s future growth strategies.
Maybank Securities, Inc. and BDO Securities acted as brokers for the transaction, facilitating the sale on behalf of Megaworld.
This move reflects Megaworld’s continued efforts to manage its investment portfolio and optimize its financial position. The sale of MREIT shares marks a significant development as the company aligns its capital structure with its long-term objectives.
The transaction comes at a time when MREIT continues to grow its portfolio, which is seen as a strategic asset in the property market.
