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Richmond Mercurio - The Philippine Star
December 23, 2025 | 12:00am
In a stock exchange filing, Megaworld said it sold 98 million common shares in MREIT through a block sale transaction.
STAR / File
MANILA, Philippines — Property giant Megaworld Corp. has raised P1.86 billion from the sale of MREIT Inc. and Suntrust Resort Holdings Inc. shares.
In a stock exchange filing, Megaworld said it sold 98 million common shares in MREIT through a block sale transaction.
The shares were sold at P13.50 apiece, equivalent to P1.32 billion.
The proceeds from the block sale will be settled today.
Megaworld said it would submit a reinvestment plan detailing the use of proceeds from the block sale transaction.
Aurora Securities and BDO Securities served as brokers for the transaction.
Last September, Megaworld raised P2.24 billion from a fresh round of sale of shares in its real estate investment trust company.
Megaworld plans to inject more office assets and mall developments into MREIT to reinforce the latter’s portfolio and position it among the region’s largest real estate investment trust companies.
In a separate disclosure, Megaworld said it disposed of its 900 million common shares in Suntrust Resort Holdings Inc. through the open market.
The shares, which correspond to 12.41 percent interest in Suntrust Resort, were sold at the price of P0.60 per share for a total of P540 million.
Suntrust, the Philippine unit of Hong Kong’s LET Group, earlier said that it is pursuing a strategic working agreement with Travellers International Hotel Group Inc., Westside City Inc., Westside Bayshore Holding Corp. and Entertainment City Resorts Corp. to expedite the completion of Westside City development in Parañaque City.
The $1.25-billion Westside City development is targeted to open by the third quarter of 2026.
The project will feature over 2,500 hotel keys across three brands, more than 2,000 gaming machines and tables, a curated lineup of restaurants and lifestyle concepts, as well as a theater district led by the Apollo Theater and the Grand Opera House.
