By: Darwin G. Amojelar, InterAksyon.com November 25, 2013 7:27 PM
MANILA - Megaworld Corp has secured Securities and Exchange Commission approval to increase its authorized capital stock to P40.2 billion.
In a disclosure to the Philippine Stock Exhange, the Andrew Tan-led property developer said the SEC approved the P10 billion increase in authorized capital stock from P30.2 billion.
The increase in authorized capital stock consists of 10 billion shares with a par value of P1 per share.
Tan's listed holding firm, Alliance Global Group Inc, will subscribe to 2.5 billion out of the 10 billion shares at P4.29 per share.
Megaworld will use the subscription proceeds for project development, land acquisition, investments and general corporate purposes.
Megaworld's profit rose 15 percent to P6.55 billion in the January to September period from P5.70 billion in the same nine months of last year.
Revenues reached P26.68 billion, or 12 percent higher than the P23.85 billion in 2012.