MANILA – Megaworld announced on Friday that it has set the final offer price for its real estate investment trust with MREIT at P16.10 apiece.
The final number of offer shares is 844,300,000 with up to to 105,537,500 option shares, MREIT Inc. announced in a statement to the stock exchange.
“The company has decided to evaluate the deal at an attractive level in order to attract IPO investors to its long-term partners on this new path will be to offer more upside potential, “said Kevin Tan, President of MREIT Inc., in a separate statement.
Megaworld intends to use the proceeds to fund 21 projects across the country over the next 12 months, said Tan.
The developer, led by Andrew Tan, previously said he wanted to make its REITs offering one of the largest in Southeast Asia.