Daily Tribune
Megawide Construction Corp. reported a consolidated net income of P183.4 million in the first quarter of 2024, a turnaround from the P7.4-million net loss it incurred in the same period a year ago. The performance came from a 19-percent improvement in consolidated revenues of P5.2 billion, which carried over from gains in 2023.
Photograph courtesy of megawide
Megawide Construction Corp. is well on its way to launch a P5-billion fundraising following the Securities and Exchange Commission’s approval of the company’s bond offering.
The regulator said on Wednesday that the Commission En Banc approved the registration statement of Megawide last 18 June of up to P4 billion of fixed-rate bonds, with an oversubscription option of up to P1 billion.
The bonds will consist of series C bonds due 2027, series D bonds due 2029, and series E bonds due 2031.
Assuming the oversubscription is fully exercised, the listed company expects to net P4.93 billion from the offer.
Megawide will allocate the proceeds from the fundraising to existing debt obligations and business development funding, as well as other general purposes.
The bond offering, according to the SEC, is still subject to the company’s compliance with certain remaining requirements.
Based on Megawide’s latest timetable, the bonds will be offered at face value from 24 June to 3 July, in time for listing at the Philippine Dealing & Exchange Corp. on 11 July.
Megawide engaged PNB Capital and Investment Corporations, RCBC Capital Corporation, and SB Capital Investment Corporation as joint issue managers, joint lead underwriters and bookrunners for the offer.
