SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C
CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported) Mar 17, 20222. SEC Identification Number 1674233. BIR Tax Identification No. 000-477-1034. Exact name of issuer as specified in its charter MEGAWORLD CORPORATION5. Province, country or other jurisdiction of incorporation Metro Manila6. Industry Classification Code(SEC Use Only) 7. Address of principal office 30th Floor, Alliance Global Tower, 36th Street cor. 11th Avenue, Uptown Bonifacio, Taguig City Postal Code16348. Issuer's telephone number, including area code (632) 8894-6300/64009. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
31,850,400,872
Preferred
6,000,000,000
11. Indicate the item numbers reported herein Item 9(b)
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Megaworld CorporationMEG
PSE Disclosure Form REIT-1 - Reinvestment Plan References: Rule 4 of the IRR of the REIT Act of 2009 and
Sections 4 and 8 of the Amended PSE Listing Rules for REITS
Report Date
Mar 17, 2022
InitialFiling
Amend
Amendment No.:
1
Items amended by Filing
In view of the COVID-19 pandemic and the extended community quarantines and government restrictions on mobility of persons, workers and cargoes and percentage of business operations imposed by the Philippine Government to manage the spread of the virus, Megaworld Corporation ("Megaworld") was constrained to make certain adjustments in its project planning and development activities to optimize its capital expenditures.
In view of the foregoing, and following current Philippine Government regulations, Megaworld hereby submits its Amended Sponsor Reinvestment Plan for the Initial Public Offering of MREIT, Inc.'s shares ("IPO"), which lays out its plan to invest its net proceeds in malls, offices, land improvements, and other developments, comprising eleven (11) projects within Metro Manila, Cavite and Batangas, four (4) projects in Bacolod, two (2) in Iloilo, and one (1) project in Pampanga. All disbursements for such projects are intended to be distributed within one year upon receipt of the net proceeds from the IPO.
As of the date of the Amended Reinvestment Plan, Megaworld is to disburse a total of Php 13.236 billion, which represents the net proceeds from the IPO less the total disbursements made under the Reinvestment Plan as of December 31, 2021. Following regulations, said amount should be fully disbursed within one year from receipt of proceeds by Megaworld. Pursuant to the REIT law and its implementing rules and regulations, the Sponsor has until September 30, 2022 to disburse the proceeds from the IPO.
The changes in the Reinvestment Plan for the IPO Proceeds are summarized as follows:
1. The Two Fintech building and Office - Pampanga project were removed from the list with projected disbursements of Php110.00 million and Php 530.00 million, respectively.
2. The following projects were included in the list:
a. Eastwood City Projects
b. Arcovia Projects
c. Boracay Newcoast Projects
d. Arden Botanical Estate Projects
e. Twin Lake Projects
3. Increase in planned disbursements for the following projects:
a. Commercial - Bacolod
b. Commercial 2 - Bacolod
c. Hotels
4. Decrease in planned disbursements for the following projects:
a. One LeGrand Tower
b. One Paseo
c. Worldwide Plaza
d. No. 1 Upper East Avenue
e. International Finance Center
f. Office - Taguig
g. Office/Commercial - Pampanga
Exact Name of REIT as Specified in its Charter
MREIT, Inc.
Address of Principal Office
18th Floor, Alliance Global Tower, 36th Street corner 11th Avenue, Uptown Bonifacio, Taguig City 1634, Metro Manila, Philippines
SEC Identification Number
CS202052294
BIR Identification Number
502-228-971-000
Name of REIT Corporation:
MREIT, Inc.
Reinvestment Plan Period:
Oct 1, 2021
A. Income-Generating Properties Transferred by the Sponsors/Promoters to the REIT
Name of Sponsor/Promoter
Description of Property Transferred
Certificate of Title of Property
Transfer Value of the Property to the REIT
N.A
-
-
-
B. Estimated Amount of Proceeds/Money to be Realized by the Sponsors/Promoters
I. From the Subsequent Sale of REIT shares or other securities issued in exchange for income-generating real estate transferred by the Sponsors/Promoters to the REIT
Name of Sponsor/Promoter
Estimated Amount of Proceeds
Megaworld Corporation
Php14.790 billion
II. From the Sale of income-generating real estate to the REIT
Name of Sponsor/Promoter
Estimated Amount of Proceeds
-
-
C. The Reinvestment Projects
Description of the Real Properties/Infrastructure Projects subject of the Reinvestment Policy
Description of the Real Properties/ Infrastructure Projects
Location
Estimated Timing of Disbursement of the Money/ Proceeds for Reinvestment
Percentage of Completion as of the Date of the Reinvestment Plan
Type of Investment
(Direct ownership, shareholding, etc.)
One LeGrand Tower
McKinley West, Taguig
Q4 2021
100%
Direct
One Paseo
ArcoVia City, Pasig
Q4 2021
100%
Direct
Worldwide Plaza
Uptown Bonifacio, Taguig
Q4 2021
99%
Direct
No. 1 Upper East Avenue
The Upper East, Bacolod
Q4 2021, Q2 2022 to Q3 2022
11%
Indirect
International Finance Center
Uptown Bonifacio, Taguig
Q4 2021
28%
Direct
Enterprise One
Iloilo Business Park
Q4 2021, Q2 2022 to Q3 2022
13%
Direct
Office - Iloilo
Iloilo Business Park
Q4 2021 to Q3 2022
6%
Direct
Office - Taguig
Taguig
Q4 2021 to Q3 2022
8%
Direct
Office / Commercial - Cavite
Maple Grove, Cavite
Q4 2021 to Q3 2022
8%
Direct
Office / Commercial - Pampanga
Pampanga
Q1 2022
8%
Indirect
Commercial - Bacolod
The Upper East, Bacolod
Q4 2021, Q2 2022 to Q3 2022
8%
Indirect
Commercial 2 - Bacolod
Northill Gateway, Bacolod
Q4 2021, Q2 2022 to Q3 2022
7%
Indirect
Hotel
Various
Q1 2022 to Q3 2022
5%
Indirect
Eastwood City Projects
Eastwood, Quezon City
Q1 2022 to Q3 2022
90%
Indirect
Arcovia City Projects
ArcoVia City
Q1 2022 to Q3 2022
10%
Indirect
Boracay Newcoast Projects
Boracay Newcoast
Q1 2022 to Q3 2022
20%
Indirect
Arden Botanical Estate Projects
Arden Botanical Estate, Cavite
Q1 2022 to Q3 2022
5%
Indirect
Twin Lakes Projects
Twin Lakes, Tagaytay
Q1 2022 to Q3 2022
7%
Indirect
Other Relevant Information
The Amendment to the Reinvestment Plans of Megaworld Corporation dated 9 September 2021 and 15 December 2021 were split into two separate amendment documents. Other than the splitting of the Amended Reinvestment Plan into two, there were no other changes to the Amended Reinvestment Plans. This disclosure was also amended to update the summary of items amended.
Please see the attached Amended Reinvestment Plan for more details.
Filed on behalf by:
Name
Anna Michelle Llovido
Designation
Corporate Secretary
Attachments
Original Link
Original Document
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Disclaimer
Megaworld Corporation published this content on 18 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2022 04:20:07 UTC.
Megaworld Corp is a Philippines-based company engaged in property-related activities, such as project design, construction, and property management. The Companyâs real estate portfolio includes residential condominium units, subdivision lots and townhouses, condominium-hotel projects as well as office projects and retail spaces. The Companyâs segments include Real Estate, Rental, Hotel Operations and Corporate and Others. The Real Estate segment pertains to the development and sale of residential and office developments. The Rental segment includes leasing of office and commercial spaces. The Hotel Operations segment relates to the management of hotel business operations. The Companyâs subsidiaries include Prestige Hotels and Resorts, Inc. (PHRI), Richmonde Hotel Group International Ltd. (RHGI), Eastwood Cyber One Corporation, Megaworld Cebu Properties, Inc., Megaworld Newport Property Holdings, Inc., Oceantown Properties, Inc. (OPI) and Luxury Global Hotels and Leisure, Inc. (LGHLI).