The Securities and Exchange Commission approved Megawide Construction Corp.’s sale of P6-billion preferred shares.
The SEC said Megawide would sell 30 million Series 6 preferred shares, with an oversubscription option for another 30 million, at P100 apiece.
The preferred shares are perpetual, cumulative, non-voting, non-participating, non-convertible and redeemable. If the oversubscription option is fully exercised, the company expects to net up to 5.95 billion pesos from the offer.
Proceeds will be used for partial financing of pipeline projects, share redemption and general corporate purposes.
Megawide’s major projects include public-private partnerships such as the Parañaque Integrated Terminal Exchange, Metro Manila Subway System and Malolos-Clark Railway.
The offer will run from March 10 to 19, with shares to be listed on the Philippine Stock Exchange’s Main Board on March 28, according to the company’s latest timeline.
The company hired PNB Capital and Investment Corporation, RCBC Capital Corporation and Security Bank Capital Investment Corporation as joint issue managers, joint lead underwriters and joint bookrunners for the transaction.
