In a regulatory filing on Tuesday, Megaworld said proceeds from the share sale will be redeployed in three townships: The Mactan Newton in Cebu, AcroVia City in Pasig and various malls and offices in Bacolod.
Bacolod will corner the lion’s share at P200 million, which will be used for ongoing developments through 2026. The Mactan Newton follows with P175 million for projects that will be completed by that same year.
Finally, Megaworld will spend P125 million in ArcoVia for projects that will be completed in 2028.
In an earlier statement, Megaworld said the sale was meant to enhance its project pipeline, which could later be infused into MREIT, the developer’s real estate investment trust arm.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
