Megawide Construction Corp. (Megawide) has secured the Securities and Exchange Commission’s (SEC) approval to sell its Series 6 Preferred Shares —a move enabling the company to raise up to P6 billion to fund its real estate expansion.

In a stock exchange report on Tuesday, Megawide said the approval clears the way for the offer period to start from 26 March to 4 April, with listing set for 14 April.

Strong vote of confidence

Megawide Group’s chief financial officer said initial book-building results were very encouraging and indicate a strong vote of confidence in Megawide’s long-term prospects.

Dividend rates for the Series 6 Preferred Shares were set at 7.6283 percent for Series 6A, 7.9606 percent for Series 6B, and 8.2993 percent for Series 6C.

PNB Capital and Investment Corp., RCBC Capital Corp. and Security Bank Capital Investment Corp. are serving as joint issue managers, lead underwriters and bookrunners.

“We are very thankful to the regulatory bodies for giving us the green light to proceed with this offering. We are also grateful to the syndicate for working tirelessly, amid prevailing market conditions, to ensure that we complete all the requirements within the prescribed timetable and secure this go signal,” said Edgar Saavedra, chairman and CEO of Megawide.

Expanding into key growth areas

Megawide’s real estate arm, PH1 World Developers Inc., is expanding into key growth areas such as Cavite, where demand for housing is supported by improving transport infrastructure.

The company is building the Cavite Bus Rapid Transit Project, which will connect cities like Imus and Trece Martires to Metro Manila through the Parañaque Integrated Terminal Exchange.