Megaworld hiking capital to boost growth

Real estate giant Megaworld Corp. is beefing up its authorized capital by P5.5 billion to support future business expansions.

In a stock exchange filing, Megaworld said its board approved the amendments to its articles of incorporation that will allow the company to expand its capital base.

With the amendment, the listed premier township developer of Andrew Tan intends to hike its authorized capital stock to P45.7 billion from P40.2 billion at present.

Megaworld said hiking its authorized capital stock would support growth in line with the company’s strategies and directions.

It said the increase is not expected to affect the business and operations of the company.

Aside from the increase in authorized capital, Megaworld is also making an amendment for the addition of entering into guaranty and surety arrangements as part of the company’s secondary purposes, which the company said would support the business operations and growth of its subsidiaries and affiliates.

“This is to enable the corporation to support the business operations and growth of its subsidiaries and affiliates by acting as a guarantor or surety of its subsidiaries and affiliates, as well as having the power to mortgage, pledge, or encumber the properties and assets of the corporation to secure the obligations of its subsidiaries and affiliates,” it said.

Megaworld finished 2023 with a record financial performance, posting a net income of P19.4 billion, 26 percent higher year-on-year.

Revenues generated by the company stood at P69.7 billion, up 17 percent yearon-year, fueled by double-digit growth across all core businesses.

The company is committed to continuing the momentum moving forward, by focusing on sustainable and quality growth while expanding strategically.

Megaworld has a portfolio of 31 master–planned integrated urban townships, integrated lifestyle communities and lifestyle estates across the country.