SEC nods MREIT capital increase

The Securities and Exchange Commission has approved the increase in the authorized capital stock of MREIT Inc., the real estate investment trust of township developer Megaworld Corp., paving the way for the expansion of its property portfolio through another asset-for-share swap.

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In a disclosure to the Philippine Stock Exchange, MREIT said the SEC greenlighted the increase in its authorized capital stock to P8 billion from P5 billion.

The SEC approval allows MREIT to move forward with preparations for its next wave of property infusions.

“This approval strengthens MREIT’s capital framework and allows the company to begin the process of issuing new shares for future acquisitions,” MREIT said in the statement.