Megawide Construction Corp. said its board approved an increase in its preferred shares to facilitate the entry of Citicore Holdings Investment Corp. A total 64 million non-voting, non-convertible, perpetual preferred shares will be created, each with a par value of P1.
Megawide said Citicore Holdings will acquire 16 million preferred shares for a still undisclosed amount. The strategic partnership aims to fortify Megawide’s financial standing while aligning with its growth objectives.
The sale of preferred shares to Citicore Holdings is part of a capital-raising initiative that Megawide plans. In all, Megawide plans to sell 60 million Series 6 preferred shares consisting of one or more sub-series from its unissued authorized capital stock. The shares issuance is designed to attract further investment and provide additional liquidity for the company to pursue projects and initiatives.
Megawide has scheduled a special stockholders’ meeting on 10 December to approve the creation of new preferred shares.
By securing the necessary approvals and expanding its capital base, Megawide aims to position itself for long-term growth and sustainability in a competitive landscape. The company remains committed to delivering value to its shareholders while fostering strategic partnerships that can further its ambitions.
