Quantcast
Latest Stories

Megawide completes purchase of Taytay property firm

By

www.megawide.com.ph photo

MANILA, Philippines—Construction and engineering firm Megawide Corp. has completed the acquisition of a company that owns a property in Taytay, Rizal where its P1-billion one-stop pre-cast concrete manufacturing facility will rise.

In a disclosure to the Philippine Stock Exchange on Thursday, Megawide said it had executed its takeover of Altria East Land, making the latter its wholly owned subsidiary.

Megawide has some common shareholders with the previous owners of Altria East. Its chair Michael Cosiquien and president Edgar Saavedra together owned 40 percent of Altria’s issued and outstanding capital prior to this transaction.

The construction firm bought 100 percent of the issued and outstanding capital stock of Altria East for P53 million.  On top of this, all the existing advances in the books of Altria in the amount of P252 million were assigned to Megawide.

With this transaction, Megawide will henceforth be able to book Altria’s 10-hectare Taytay property as part of its asset base instead of paying rent.

It was earlier reported that the main reason for purchasing the property was for Megawide to save on expenses.  As the pre-cast manufacturing Megawide will run for at least 30 years, renting the property, especially with the expected escalation of rates, is seen otherwise more expensive for Megawide.

The manufacturing plant, which is targeted for completion in 2013, is envisioned to be the first of its kind in the country and one of the largest pre-cast manufacturing facilities in the region.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: acquisition , altria east land , Business , Megawide Corp. , pre-cast manufacturing



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Technology

  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace