Megaworld income up 16% on growth of core businesses
Growth across all its businesses, particularly townships outside Metro Manila, buoyed the first-quarter bottom line of Megaworld Corp. by 16 percent to P5.83 billion.
The developer led by billionaire Andrew Tan disclosed to the stock exchange on Wednesday that revenues had likewise expanded by 11 percent to P20.93 billion.
Megaworld president Lourdes Gutierrez-Alfonso said all businesses—from residential to malls and hotels—thrived, noting there was still an opportunity for expansion especially for townships in the provinces.
As this developed, parent Alliance Global Group Inc. (AGI) said it planned to raise at least P26.7 billion from the issuance of warrants to shareholders to repay existing obligations and fund operational expenses.
The warrants, which would give stockholders the right to buy AGI shares in the future at a specific price, would cover up to 2.23 billion common shares. Minimum price was set at P12 each.
