SAAVEDRA-LED infrastructure conglomerate Megawide Construction Corp. has raised P5.3 billion from its preferred shares offering.
The company listed its Series 6 preferred shares on the Philippine Stock Exchange on Monday, Megawide said in a regulatory filing.
The offering was 1.7 times oversubscribed from its base size of P3 billion.
The offer period ran from March 26 to April 4.
The issuance comprised completed bids amounting to P1.78 billion in Series 6A shares, P1.19 billion in Series 6B shares, and P2.3 billion in Series 6C shares, with dividend rates of 7.6283%, 7.9606%, and 8.2993%, respectively.
Megawide Chief Financial Officer Jez G. Dela Cruz previously said the company would use the proceeds to refinance its Series 4 preferred shares, fund its real estate growth projects, and support general corporate requirements.
“There’s much to look forward to in the years ahead, as we continue to anchor on our engineering and construction DNA, coupled with our pre-cast and construction solutions advantage, to drive our forward integration into scalable and responsive business platforms, such as our foray into real estate development,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said.
“Against the backdrop of a national housing crisis, we believe there are significant opportunities in the local real estate space, especially end-user demand in the affordable and socialized housing segments in next-wave cities and suburban areas outside of Metro Manila,” he added.
Megawide engaged PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.
As of end-2024, Megawide’s order book rose to P43.5 billion, with P17.2 billion worth of new contracts secured.
On Monday, Megawide shares increased by 0.5%, or one centavo, to close at P2 apiece. — Revin Mikhael D. Ochave
