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Megaworld rules out fund-raising activity in ’12

by AndrewTan

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MANILA, June 16 (PNA) – Megaworld Corp. is ruling out in any fund-raising activity this year given its strong cash position. “We have a net cash of P10 billion so I think it’s enough. We’re okay so far,” Megaworld Corp. executive vice president Kingson Sian said in a briefing Friday. In April last year, the company raised US$ 200 million worth of seven-year dollar-denominated fixed-rate corporate notes to refinance liabilities. The company eyes to launch at least 11 projects this year, higher than last year’s nine projects due to high demand, particularly on hotels, which Sian said was boosted by the government’s “It’s more fun in the Philippines” campaign. For one, Megaworld plans to expand the capacity of its Marriot Hotel at Resorts World by about 200 rooms. “Marriot is the number one in the country in terms of occupancy so we need more rooms,” he said. Sian noted that although there was a drop in the number of tourism coming from China because of the issues between that country and the Philippines, the lag is being filled by tourism coming from other countries like Korea and the US. He said they were now constructing what would be the largest ballroom in the country, which was targeted to be finished by 2014. The company also eyes to build more hotels in its 25-hectare mixed residential and themed-commercial area dubbed Newport City in Pasay City but declined to give specifics. Sian said that Megaworld had enough land assets, more than 230 hectares in Metro Manila, to pursue their bid to put up more projects this year. He said that although the land area was not as vast as compared to when it was located in the provinces, what was important was its location, which he noted would be a plus-factor to its attractiveness to buyers compared to projects located outside of Metro Manila. “We are not pressured to buy land. It remains sufficient for the next 15-20 years,” he said. (PNA) RMA/JS/utb


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