Megaworld Corp. cashed in on two portfolio investments, raising a combined P1.86 billion and boosting fresh capital for the listed property arm of billionaire Andrew Tan.
In a disclosure to the Philippine Stock Exchange, Megaworld said it sold 98 million shares of real estate investment trust MREIT Inc. at P13.50 each, raking in P1.32 billion from the block sale. Aurora Securities and BDO Securities brokered the transaction. The company said a reinvestment plan will soon be submitted, outlining how the proceeds from the MREIT sale will be deployed.
The group also trimmed its exposure to Suntrust Resort Holdings, Inc., unloading 900 million common shares at P0.60 apiece in the open market. The sale raised about P540 million and reduced Megaworld’s stake by 12.41 percent. As of end-July, Megaworld owned roughly 34 percent of Suntrust.
Suntrust has repositioned itself as a tourism-focused developer and is best known for its long-gestating integrated resort project at Manila Bayshore Integrated City in Parañaque. In 2019, the company struck a co-development deal to finance and build a five-star hotel and casino complex, and to operate and manage the property once completed.
The planned Main Hotel Casino is designed to feature at least 400 hotel rooms, 960 parking slots, and a casino catering to both mass and VIP players. But the project’s timeline has slipped repeatedly. Initially slated to open in 2023, the hotel and casino has once again been delayed, with the target opening now reset to the third quarter of 2026.
Taken together, the twin share sales highlight Megaworld’s opportunistic capital play—unlocking value from investments, tightening its portfolio, and keeping dry powder ready for its next development push.
