Alliance Global injects P2.6-B into Megaworld
Megaworld [MEG 1.89, down 0.5%; 156% avgVol] [link] clarified the recent subscription of its parent company, Alliance Global [AGI 9.30, down 2.8%; 185% avgVol], to 1.375 billion common shares at P1.90/share to say that it is part of a plan to increase MEG’s outstanding authorized capital stock by P5.5 billion (from P40.2 billion to P45.7 billion). MEG explained that it “intends to submit its application for an increase in authorized capital stock... by around June 2024”, and will list the shares issued to AGI once the full payment of the subscription price is received. MEG said that the purpose of the sale and the larger transaction is to “support growth and future business expansions of [MEG] in line with [MEG’s] strategies and directions.”
