The Securities and Exchange Commission (SEC) has approved Megawide Construction Corp.’s proposed P3 billion preferred shares offering.
In a recent en banc meeting, the SEC cleared Megawide’s registration statement covering up to 20 million preferred shares, with an oversubscription option for an additional 10 million shares. The preferred shares—cumulative, non-voting, non-participating, non-convertible, redeemable, and perpetual—will be priced at up to P100 each.
Net proceeds from the offering, expected to reach up to P2.97 billion if the oversubscription is fully exercised, will be used for debt refinancing, project financing, and general corporate purposes. The offer period is set from 30 October to 10 November, with listing on the Philippine Stock Exchange scheduled for 19 November.
PNB Capital, RCBC Capital, and Security Bank Capital will serve as joint issue managers, lead underwriters, and bookrunners.
Despite a weaker second quarter, Megawide remains optimistic. First-half net income slightly dipped to P436.41 million from P437.58 million year-on-year, while revenues dropped 23 percent to P8.77 billion due to projects nearing completion. Construction accounted for 85 percent of revenues, contributing P7.3 billion. Meanwhile, real estate revenue tripled to P1.1 billion, driven by strong sales from projects like My Enso Lofts and One Lancaster Park.
Chairman and CEO Edgar Saavedra said the company is on track to surpass last year’s net income, buoyed by the growing real estate segment and replenishment of its construction order book.
