Megaworld expands

Stockholders of property giant Megaworld Corp., in an annual stockholders’ meeting held June 17 in Eastwood City approved a P7-billion increase in the company’s authorized capital stock, raising it from P13.2 billion to P20.2 billion.

The P7-billion capital increase is divided into seven billion common shares each valued at P1, out of which 7,775,926,518 common shares will be issued as stock dividends.

The stockholders also approved a 20-percent stock dividend declared earlier by Megaworld’s board of directors. The board will fix the record date for the issue of stock dividends in accordance with the rules and regulations of the Securities and Exchange Commission.

The increase in Megaworld’s capital stock comes at a time when the company is on course to ramp up its business, expected to grow at a conservation rate of 20 percent a year over the next three years.

The twin moves — capital hike and 20-percent stock dividend — signal Megaworld’s confidence in the prospects of the residential and office segments of an increasingly dynamic property market.

Megaworld, the country’s No. 1 residential developer and business process outsourcing office space provider, is expanding its portfolio of large-scale developments in Metro Manila’s most strategic locations by launching two new projects within the next few months.