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Megaworld Corp. said it sold P500 million worth of MREIT Inc. shares under a block sale Thursday.
The block con-sists of 40.65 million shares, sold at P12.30 apiece.
The company said it will submit a reinvestment plan “detailing the use of proceeds” from the sale that was facilitated by BDO Securities.
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Megaworld however failed to identify the seller of the shares.
The transaction’s sale price is a steep discount from MREIT’s P16.10 per share valuation when it conducted an initial public offering (IPO) in 2021 when the real estate investment trust raised P15.29 billion, selling 949.84 million shares.
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