Megawide Construction Corp. said Tuesday that it has received regulatory approval to conduct a follow-on offering of preferred shares, which could raise up to P6 billion to fund its projects and other corporate requirements.
The Securities and Exchange Commission (SEC) has approved the registration of the company’s preferred shares and granted it a permit to sell. The Series 6 preferred shares are cumulative, non-voting, non-participating, non-convertible, redeemable, and perpetual.
The company plans to offer 30 million Series 6 preferred shares and has reserved an additional 30 million shares to accommodate expected oversubscription. The preferred shares will be priced at P100 each and listed for trading on the Philippine Stock Exchange’s main board.
Megawide’s preferred shares will be available in three series: Series 6A, Series 6B, and Series 6C. The initial dividend rates are set at 7.6283 percent for Series 6A, 7.9606 percent for Series 6B, and 8.2993 percent for Series 6C.
As a key player in the government’s infrastructure program, Megawide and its subsidiaries have successfully completed and are continuing to pursue various major projects, including the Philippine School for Infrastructure Project Phase 1, the Paranaque Integrated Transport Exchange, and the construction of Terminal 2 at Mactan-Cebu International Airport, among others.
