Home Top News Megaworld raises P980M from block sale of MREIT shares; Kevin Tan is now Alliance Global president

Megaworld raises P980M from block sale of MREIT shares; Kevin Tan is now Alliance Global president

by
0 comment

ANDREW L. Tan-led property developer Megaworld Corp. said it generated P980.32 million from a block sale of MREIT, Inc. common shares on Monday in line with the company’s fundraising efforts.

Megaworld sold 79.7 million MREIT common shares at an average sale price of P12.3001 per share, equivalent to P980.32 million before the deduction for fees and taxes, the company said in a stock exchange disclosure.

“The proceeds from the sale shall be settled on June 5, 2024. The company will submit the required reinvestment plan detailing the use of proceeds from the sale transaction,” Megaworld said in a statement.

BDO Securities Corp. and Aurora Securities, Inc. served as brokers for the transaction. MREIT is the real estate investment trust of Megaworld. The company did not provide further details on the block sale.

Meanwhile, Kevin Andrew L. Tan has been appointed as the president of listed holding company Alliance Global Group, Inc. (AGI), following the retirement of Kingson U. Sian, according to a document shared by Megaworld.

Mr. Sian vacated leadership roles in AGI, Megaworld, and Travellers International Hotel Group, Inc. after his retirement on June 1.

“At its special meeting conducted on June 3, the remaining directors, while still constituting a quorum and upon the recommendation of the corporate governance committee, resolved to appoint Mr. Kevin Andrew L. Tan as president of the company to serve the unexpired term of Mr. Sian,” the company said.

Mr. Tan is also AGI’s chief executive officer and vice-chairman and has been with the company since 2012. Mr. Sian relinquished his position as AGI’s director, president, and chief operating officer (COO).

In a separate regulatory filing, Megaworld appointed Lourdes T. Gutierrez-Alfonso as one of the company’s directors to also serve Mr. Sian’s unexpired term.

Ms. Alfonso was appointed as director after Mr. Sian stepped down from the roles of director, executive committee member, and executive director.

She also became a member of the executive committee to fill the vacancy following Mr. Sian’s retirement.

Ms. Alfonso is currently Megaworld’s COO and has been with the company since 1990. She also serves as a director in other companies including Global-Estate Resorts, Inc. and MREIT, Inc.

 “Ms. Gutierrez-Alfonso graduated cum laude from the Far Eastern University with the degree of Bachelor of Science major in Accounting in 1984. She is a certified public accountant by profession,” Megaworld said.

“She has extensive experience in real estate and a strong background in finance and marketing,” it added.

TRAVELLERS INTERNATIONALIn a separate statement on Monday, Travellers International Hotel Group, Inc. said it appointed Nilo Thaddeus P. Rodriguez as the company’s president and chief executive officer while Lance Gautreaux was named COO. Both appointments took effect on June 1.

 Travellers International is the owner and operator of Newport World Resorts in Pasay City.

Mr. Rodriguez replaced Mr. Sian while Mr. Gautreaux succeeded Hakan Dagtas, who also left his post on June 1.

 “The appointments conclude the yearlong transition plan for Travellers International since its holding company, Alliance Global Group, Inc. (AGI), assumed full ownership on May 30,” Travellers International said.

Previously, AGI acquired full ownership of Travellers International after a share purchase agreement between Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd. and Premium Travellers Ltd., whose ultimate parent entity is Genting Hong Kong Ltd.

Mr. Rodriguez has been with Newport World Resorts since August 2022 as chief strategy officer.

 “With over 25 years of professional experience, he commenced his career with the prestigious professional services firm SGV & Co., and has substantial international experience in the travel and hospitality sector. This includes nearly a decade in Japan in senior finance roles at Hilton, and Delta and Northwest airlines,” Travellers International said.

 “He held the position as chief financial officer of Philippine Airlines for a number of years prior to joining Travellers International,” the company added.

Mr. Gautreaux joined Travellers International in 2023 as chief casino officer. He has a background in gaming and hospitality across international jurisdictions.

“He was a part of the Las Vegas Sands Corp. for over 12 years, holding key positions in multiple properties—most recently as the chief casino officer of The Venetian Las Vegas,” the company said.

Travellers International also announced that Bernard Than stepped down as the company’s chief financial officer.

On Monday, Megaworld shares rose by 0.56% or one centavo to P1.81 per share. — Revin Mikhael D. Ochave

Related Posts

Leave a Comment