Megaworld sells P3.63-billion shares in real estate investment trust

Property developer Megaworld Corp. said Friday it raised P3.63 billion from an overnight placement of shares in real estate investment trust company MREIT Inc.

Megaworld said it sold 279.4 million shares in MREIT at P13 apiece via a block sale at the Philippine Stock Exchange.

The price represented a 7.1-percent discount to MREIT’s stock closing of P14 Thursday.  

 “The company will submit the required reinvestment plan detailing the use of proceeds from the block sale transaction,” Megaworld said.

UBS AG acted as the sole placement agent for the transaction.