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Megaworld takes full control of housing subsidiary

Posted on June 10, 2013 11:04:31 PM [ BusinessWorld Online ] 
PROPERTY DEVELOPER Megaworld Corp. has taken control of subsidiary Suntrust Properties, Inc. after it bought the shares of its other units, the Andrew L. Tan-led firm said in a disclosure yesterday.
Megaworld “acquired the stake of Empire East Land Holdings, Inc. and Suntrust Home Developers, Inc. in affordable housing developer Suntrust Properties, making the latter a wholly owned subsidiary.”
The firm bought a total of 393,750,000 shares of Suntrust Properties “at book value for a total acquisition price of P589,046,062.50.” Empire East sold 315,000,008 shares for a total of P471.236 million while Suntrust Home Developers disposed of 78,749,992 shares for P117.8 million.
Before the share sale, Suntrust Home Developers held 20% of the firm while Empire East owned 33%, according to both firm’s annual reports for 2012.
Company officials could not be immediately reached for comment on the reason behind the sale.
Suntrust Properties, Suntrust Home Developers and Empire East are all units of Megaworld. Both Suntrust Home Developers and Empire East are listed. -- ENJD
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