Megaworld Corp.PSE: MEG

Reinvestment Plan

· Issued by Megaworld Corp.
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 December 20, 2021 sale of four properties to MREIT, Inc. ("Asset Sale"), which lays out its plan to invest its net proceeds in malls, offices, land improvements, and other developments, comprising four (4) projects within Metro Manila, Cavite and Bulacan, two (2) projects in Bacolod and Iloilo, two (2) in Cebu, and one (1) project in Palawan. All disbursements for such projects are intended to be distributed within one year upon receipt of the net proceeds from the Asset Sale.

As of the date the Amended Reinvestment Plan, Megaworld is to disburse a total of Php 8.657 billion, which represents the net proceeds from the Asset Sale. 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 Company has until December 19, 2022 to disburse the proceeds from the Asset Sale.

The changes in the Reinvestment Plan for the Asset Sale are summarized as follows:

1. A project in The Mactan Newtown township development was included with a planned disbursement of Php1,500.00 million.
2. The Pampanga projects were removed with a planned disbursement of Php1,500.00 million.
3. Increase in planned disbursements for the following projects:
a. Northwin Global City;
b. The New Mactan Town.
4. Decrease in planned disbursements for the Bacolod Projects.

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
SEC Identification Number CS202052294
BIR Identification Number 502-228-971-000
Name of REIT Corporation: MREIT, INC.
Reinvestment Plan Period: Dec 15, 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
Megaworld Corporation Two Techno Place, Iloilo Business Park, Brgy.Buhang, Mandurriao, Iloilo City Tax Declaration No. 20-05-004-01350 PhP1,465,000,000.00
Megaworld Corporation Three Techno Place (Building D), Iloilo BusinessPark, Mandurriao, Iloilo City Tax Declaration No. 18-05-015-01740 PhP1,242,000,000.00
Megaworld Corporation One Global Center (Building A), Iloilo BusinessPark, Mandurriao, Iloilo City Tax Declaration No. 18-05-004-00826 PhP1,256,000,000.00
Megaworld Corporation World Finance Plaza, McKinley Hills, Brgy.Pinagsama, Taguig City Tax Declaration No.EB-028-002031 PhP5,153,000,000.00
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
- -

II. From the Sale of income-generating real estate to the REIT
Name of Sponsor/Promoter Estimated Amount of Proceeds
Megaworld Corporation 9,116,000,000
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.)
Northwin Global City Bulacan Q1 2022 and Q3 2022 7% Indirect
Iloilo Business Park Iloilo Q2 2022 to Q4 2022 25% Direct
Paragua Coastown Palawan Q1 2022 to Q2 2022 7% Indirect
The Mactan Newtown Mactan Q1 2022 to Q4 2022 15% Indirect
Bacolod Projects Bacolod Q2 2022 to Q4 2022 20% Indirect
Cavite Projects Cavite Q2 2022 to Q4 2022 10% Direct
Manila Projects Manila Q3 2022 to Q4 2022 10% Direct
Taguig Projects Taguig Q2 2022 to Q4 2022 25% Direct
The Mactan Newtown Mactan Q2 2022 to Q4 2022 8% 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

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