Megaworld unloads P1.48 billion shares in Suntrust Resort

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January 2, 2026 | 12:00am

MANILA, Philippines —  Property giant Megaworld Corp. has raised a total of P1.48 billion from unloading shares in Suntrust Resort Holdings Inc., the Philippine unit of Hong Kong’s LET Group, in a move to concentrate on its core real estate development activities.

In a stock exchange filing, Megaworld said it unloaded 740.33 million more common shares through the open market, which correspond to 10.21 percent interest in Suntrust Resort.

Megaworld previously disposed of 814.67 million and 900 common shares, or 11.24 percent and 12.41 percent interest, respectively in Suntrust Resort.

The two earlier tranches generated a total of P488.8 million and P540 million, respectively, with the shares sold at P0.60 apiece.

Megaworld held a 34-percent stake in Suntrust Resort based on the company’s quarterly report as of end-September.

The company has sold shares corresponding to a total of 33.86 percent based on its three recent disclosures.

“The transaction paves the way for the company to concentrate on its core real estate development activities, particularly real estate selling and leasing, thereby creating greater value for shareholders,” Megaworld said.

“The disposition, which was executed at open market and at prevailing market prices, is expected to have a positive effect on the company’s business and operations by increasing management focus and capital allocation to the company’s core business,” it said.

Megaworld is one of the largest real estate companies in the country, with total assets reaching around half a trillion pesos as of end-September.

It has 36 township developments all over the country and a land bank covering around 7,000 hectares.

Suntrust Resort, meanwhile, is a publicly listed company, which is authorized to engage in tourism-related businesses.

The company 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.