AGI infusing P2.6 billion to Megaworld

Richmond Mercurio - The Philippine Star
AGI infusing P2.6 billion to Megaworld
Andrew Tan
STAR / File

MANILA, Philippines — Andrew Tan’s listed holding company Alliance Global Group Inc. (AGI) is infusing P2.6 billion into its real estate arm Megaworld Corp. to support future business expansions.

AGI will subscribe to 1.38 billion common shares of Megaworld to be issued out of the P5.5 billion increase in
authorized capital stock of the listed property giant.

The shares will be subscribed at P1.90 per share for a total subscription price of P2.61 billion.

The amount represents a premium of five percent over Megaworld’s 30-day volume weighted average price.

“The subscription is made by AGI to support growth and future business expansions of Megaworld in line with the latter’s strategies and directions,” AGI said.

Megaworld has earmarked P55 billion for capital expenditures this year to develop its existing and upcoming townships, residential projects, investment properties as well as land acquisition.

The company is eyeing to complete around 180,000 square meters of offices and around 100,000 sqm of mall and commercial retail spaces for the year.

It is also aiming to end 2024 with 35 townships as it celebrates its 35th anniversary this year.

The company currently has 31 master planned integrated urban townships, integrated lifestyle communities and lifestyle estates across the country.

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