Posted on 09:39 PM, December 13, 2010 [ BusinessWorld Online ]
LISTED Megaworld Corp. of property tycoon Andrew L. Tan is not interested in selling existing treasury shares.
The announcement came less than a week after parent firm, listed Alliance Global Group, Inc., said it will sell 550.1 million treasury shares worth around P6.5 billion in one block early next year.
“In response to inquiries from its stockholders, Megaworld would like to confirm that it intends to keep its treasury shares for the long term,” the company said in a disclosure yesterday.
Megaworld “has not made plans for the disposition of said shares,” it added.
In its financial statement, Megaworld said it had 537.4 million treasury shares as of Dec. 31, 2009 and Dec. 31, 2008, higher from 532.6 million shares as of Dec. 31, 2007. By yearend, the property developer will have about 385,000 square meters of office space in its portfolio.
Late last week, conglomerate Alliance Global said it would sell treasury shares representing around 5% of the company’s total outstanding stock to fund its P7-billion hotel and tourism business expansion outside Manila.
Shares in Megaworld, whose profits surged by more than a third to P4.08 billion in January to September amid strong residential and rental revenues, rose by three centavos to close at P2.41 each yesterday. -- N. J. C. Morales
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