Megawide Construction Corp. shareholders on Wednesday approved the proposed acquisition of affiliate PH1 World Developers Inc. from parent firm Citicore Holdings Investments Inc.
Megawide looks to purchase PH1 World Developers for P5.2 billion.
Megawide chairman Edgar Saavedra said the acquisition will position Megawide in the affordable housing market and boost its operating performance.
Saavedra noted the resilience of the housing sector even during the pandemic.
He said the enterprise arrived at the proposed acquisition price after careful deliberation and valuation study by PH1 World Developers Inc. in accordance with the 2022 International Valuation Standards.
PH1 income last year grew more than eight times to P66.77 million from P7.9 million.
Revenue, mostly from real estate sales, stood at P599.77 million, almost double from P311.42 million.
The company is selling residential condominium units at its The Hive project along San Isidro Street, Ortigas Avenue Extension in Taytay, Rizal consisting of four tower blocs A, B, C and D.
Construction of Towers A, B and C were complete as of 31 December 2022. Tower D is 98 percent completed as of the same date.
Megawide also has an ongoing project named My Enzo Lofts located at Timog Ave. in Quezon City.
