SSS invests in Megawide
Megawide Corp. chairman Edgar Saavedra has sold a 3.5 percent equity stake in the listed construction and engineering firm to the Social Security System for about P1.32 billion.
“We confirm that SSS recently purchased shares equivalent to a 3.5 percent stake in Megawide from Megacore,” the construction company said in response to the stock exchange’s query on a report published by the Philippine Daily Inquirer.
“We also confirm that Mr. Saavedra has agreed to give the SSS a board representation in the seven-member board,” it added.
Megawide is one of the country’s leading engineering and infrastructure developers with a portfolio in engineering procurement construction, airport infrastructure, progressive property development and renewable energy.
Together with Indian partner GMR, Megawide bagged the contract to build a new passenger terminal at the Clark International Airport. This will be its second airport deal after the Mactan Cebu International Airport.
The Megawide-GMR consortium edged out four other groups mostly Chinese firms with its lowest bid of P9.36 billion. The project involves the expansion of Clark Airport’s current capacity of four million passengers yearly to 12 million by 2020.