June 23, 2013

Tan consolidates property assets into Megaworld

Andrew L. Tan is folding his real estate units into flagship developer Megaworld Corp. Megaworld will spend nearly P7  B to acquire shares in tourism estate developer Global Estate Resort Inc. (GERI) and medium-cost housing units Empire East Land Holdings Inc. and Suntrust Properties Inc., the company told the local bourse.

Specifically, Megaworld will acquire 2.5 B common shares of GERI at P2.26 per share or a 5% premium over its 30-trading day volume weighted average price. Megaworld will also purchase1.2  B common shares in subsidiary ELI at P1.05 each based on the 30-day average price. - WealthSec