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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