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Megaworld Corp., owned by property taipan Andrew Tan, is primarily engaged in the development in Metro Manila of large-scale, mixed-use planned communities, or community townships, that integrate residential, commercial, educational, leisure and entertainment components.

At present, the company’s six major township projects are the 17-hectare Eastwood City in Quezon City; the five-hectare Forbes Town Center and the 50-hectare McKinley Hill township in Taguig City; the 25-hectare tourism-oriented Newport City in Pasay, the five-hectare Manhattan Garden City in Araneta Center, Cubao and the 35-meter twin towers Cityplace in Chinatown, Manila.

Recently, the company was able to raise P5.1 billion, when it offered 5.1 billion shares at P1 each to existing stockholders. In its disclosure to the Philippine Stock Exchange, the new common shares were fully subscribed by eligible stockholders who were allowed to buy one new share for every shares already owned.

Megaworld said, it was able to raise P3.2 billion of the said funds from the first round of rights offering, while the other P1.9 billion was taken up by its parent company Alliance Global Group through BDO Capital and investment Corp.

The stock rights offering of Megaworld is part of its P10.4 billion fund-raising campaign in order to roll out a P30-billion capital spending program for the next three years. The property company is upbeat on the middle-income residential and business process outsourcing office markets. It started its fund-raising campaign last February with the sale of P1.4 billion worth of seven year corporate notes to selected institutional investors.

The company plans to generate P9 billion within the next three years. This it plan to accomplished by offering preemptive rights with detachable warrants to existing holders of common shares, while it plans to generate funds internally for the rest of the P30 billion, medium-term capital spending program.