Megawide eyes April 14 listing for P6-B share offer

SAAVEDRA-LED Megawide Construction Corp. is eyeing an April 14 listing on the Philippine Stock Exchange (PSE) for its P5.95-billion preferred shares offering.

The latest indicative terms as of March 5 show that the offer period will run from March 26 to April 4.

The Philippine Stock Exchange approved the offer, according to a notice on the market operator’s website on Wednesday. It also received authorization from the Securities and Exchange Commission on Feb. 25.

Megawide’s issuance consists of 30 million Series 6 preferred shares, with an oversubscription option of up to 30 million additional shares, priced at P100 apiece.

The preferred shares are perpetual, cumulative, non-voting, non-participating, non-convertible, and redeemable.

The company will use the net proceeds for the partial financing of pipeline projects, the redemption of shares, and general corporate purposes.

Megawide tapped PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.

Previously, Megawide said it earmarked P1.8 billion for its capital expenditure budget this year to support ongoing projects of its real estate subsidiary, PH1 World Developers, Inc., the first phase of the Cavite bus rapid transit project, and construction contracts under bidding.

On Thursday, Megawide shares dropped 0.44% or one centavo to P2.26 apiece. — Revin Mikhael D. Ochave