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Philippines' Megaworld unit eyes up to $568 mln REIT IPO

MANILA, June 16 (Reuters) - Philippines’ Megaworld Corp is launching an up to 27.3 billion pesos ($567.8 million) share sale for its real estate investment trust (REIT) unit, a company official said on Wednesday.

MREIT Inc is seeking regulatory approval for the country’s largest REIT initial public offering, to sell up to 1.4 billion shares, including an over-allotment option, at a maximum price of 22 pesos ($0.46) apiece, Kevin Tan, president of MREIT and chief strategy officer of Megaworld, told reporters.

REITs manage real estate assets such as hotels, office buildings and malls that regularly generate profits and hand out dividends to stockholders. ($1 = 48.08 Philippine pesos) (Reporting by Neil Jerome Morales Editing by Ed Davies)

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