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Monday, June 23, 2014

MEG: Acquires majority stake in GERI

MEG has ventured into the tourism business with the acquisition of an 80.4% stake in Global-Estate Resorts, Inc. (GERI), the country’s biggest tourism estate developer. The acquisition added 3,000ha to MEG’s land bank bringing the company’s total land bank close to 4,000ha. The acquisition also includes GERI’s properties in Tagaytay, Alabang, Iloilo, Cagayan de Oro and Boracay. Among GERI’s biggest projects is the 1,149ha Twin Lakes integrated tourism estate in Tagaytay. In Boracay, GERI is developing the 150ha Boracay Newcoast which occupies 14% of the entire island. GERI is also developing the 561ha Southwoods City, envisioned to be the next central business district south of Manila. Finally, GERI has a 170ha township being developed in Iloilo called Sta. Barbara Heights which will be connected to the new Iloilo International Airport. We currently have a BUY rating on MEG with a FV of 5.48.

- Col Financial

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