More asset infusions eyed

MREIT Inc., the real estate investment trust (REIT) of top township developer Megaworld Corp., is raising its authorized capital stock by 60 percent to P8 billion from P5 billion so it can issue more shares for the acquisition of fresh assets.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), MREIT said its board of directors has approved the capital increase to support the company’s growth “by facilitating the infusion of additional assets under management (AUM).”

This comes after Megaworld unloaded P1.17-billion worth of MREIT shares last month also to make room for another batch of asset-for-share swap with MREIT.