Megaworld buys affordable housing developer Suntrust Properties from subsidiaries

Listed developer Megaworld Corporation has fully acquired the remaining shares of its subsidiaries in affordable housing developer Suntrust Properties Inc., the company said Monday.

 

In a disclosure to the Philippine Stock Exchange, the company said it bought the shares of Suntrust Properties held by Empire East Land Holdings Inc. and Suntrust Home Developers Inc.  This made Suntrust Properties a wholly-owned subsidiary of Megaworld, which owned 88.27 percent of unit prior to the acquisition.

 

"A total of 393,750,000 shares of Suntrust Properties Inc. were acquired by Megaworld at book value for a total acquisition price of P589,046,062.50," the disclosure read.

 

In separate disclosures, Empire East and Suntrust Home said they sold their stake in Suntrust Properties to Megaworld.

 

A total of 315,000,008 shares were sold at book value for P471,236,861.97, Empire East said.

 

Suntrust Home said a total of 78,749,992 shares were sold at book value for P117,809,200.53.

 

Megaworld owns 78.59 percent of Empire East and 42.48 percent of Suntrust Home.

 

In the first quarter, Megaworld posted a 13 percent increase in net earnings to P1.82 billion from P1.58 billion year-on-year while revenues jumped by 16 percent to P8.1 billion from P7 billion. — DOR/VS, GMA News