Andrew Tan buys back over P50M Megaworld shares due to heavy foreign selling sparked by aborted BIR closure order

Ultra bilyonaryo Andrew Tan stepped up his buy back of Megaworld (MEG) a day after the Bureau of Internal Revenue (BIR) announced its plan to shut down the property developer.
Andrew Tan: Megaworld has no outstanding tax deficiency
MEG acquired a total of 18.969 million shares at a price range of P2.69 to P2.80 on May 18. MEG accounted for 20 percent of total traded volume of its stock on that date.
MEG also bought 62 million shares at a price range of P2.50 and P2.80 on May 17.
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MEG reached a new 52-week low of P2.47 on May 17 when the BIR spooked investors with its invitation to media companies for a press briefing on May 18 to announce the issuance of a closure order against MEG. MEG incurred over P600 million in net foreign selling from May 17 to 19.
In a statement on May 18, MEG explained that “there was an initial disagreement with the BIR Regional Office 8-B (Taguig) after we raised some issues with regard to their jurisdiction on conducting tax audit of some of our properties.”
BIR suspends issuance of closure order after Megaworld expresses full cooperation
MEG claimed the issue has been clarified and resolved as it stressed it has not received any closure order duly approved by the Commissioner of Internal Revenue.