Megaworld Corp., the listed property development business of billionaire Andrew Tan, said it has sold 168.6 million ommon shares of its sponsored retail estate and investment trust, MREIT Inc., in a block sale transaction that raised around P2.24 billion before fees and taxes.
The shares represent a 4.5 percent stake in MREIT and were sold at P13.28 each, a price that is at the lower end of its 52-week trading range of P13 to P15.04. Settlement of the sale is scheduled on Friday, September 19, Megaworld disclosed.
Megaworld said it will submit a Reinvestment Plan in accordance with regulatory requirements, outlining how the proceeds from the sale will be utilized. Details of the reinvestment plan were not immediately available.
Maybank Securities, BDO Securities, First Metro Securities, and RCBC Securities acted as brokers for the transaction.
MREIT holds a portfolio of income-generating office assets primarily located in Megaworld-developed townships. The block sale is seen as part of Megaworld’s ongoing capital recycling strategy, allowing it to monetize non-core assets and fund future developments.
This transaction follows Megaworld’s previous asset monetization initiatives as it continues to unlock value from its REIT holdings and reinvest in its core property development business.
