Manila's Megaworld in $107 mln stock rights offer

MANILA, April 16 (Reuters) - Philippine property developer Megaworld Corp (MEG.PS) said on Thursday it will have a stock rights offer starting May 18 worth 5.13 billion pesos ($107 million) for shareholders on record as of May 4.

The 1-for-4 rights offer will be sold at 1 peso apiece, the company said in a statement, way above the stock's closing price of 64 centavos on Thursday.

Megaworld gained 4.9 percent on Thursday, outpacing the main stock index .PSI which gained 2.1 percent.

The offer ends on May 22.

Megaworld, a unit of conglomerate Alliance Global Inc (AGI.PS), builds high-rise apartments and office buildings for the outsourcing sector. Proceeds of the rights offer would help fund its 3-year expansion programme. ($1=47.7 pesos) (Reporting by Rosemarie Francisco)