Megawide gets SEC’s P5.95-B offer okay
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. has secured regulatory approval for its public offering of preferred shares worth up to P5.95 billion, following the Securities and Exchange Commission’s (SEC) favorable consideration of its registration statement.
In a meeting on Tuesday, the SEC En Banc rendered effective Megawide’s registration for 30 million Series 6 preferred shares, with an option to issue an additional 30 million shares, subject to final compliance requirements.
The shares, priced at P100 each, are perpetual, cumulative, non-voting, non-participating, non-convertible, and redeemable.
Projects in pipeline
If the oversubscription option is fully exercised, Megawide expects to net up to P5.95 billion. Proceeds will fund pipeline projects, share redemption, and general corporate purposes.
The offer period is set for 10 to 19 March, with listing on the Philippine Stock Exchange’s Main Board scheduled for 28 March.
PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. are acting as joint issue managers, joint lead underwriters, and joint bookrunners for the offering.