Megawide gets SEC’s P5.95-B offer okay

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.