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Saavedra penalized for wrong info on Megawide’s P8 billion offering, nondisclosure of buyer

The Philippine Stock Exchange has penalized Megawide Construction of bilyonaryo Edgar Saavdera for breaching twice the public disclosure requirements in its P8 billion preferred shares offering.

PSE said Megawide gave an “inaccurate disclosure of the size of the follow-on offering of its preferred shares” which it initially pegged at P5 billion.

READ: May pera kami! Saavedra says Megawide can bankroll P107B NAIA expansion amid corruption allegations

PSE said Megawide also failed to disclose the signing of a subscription agreement by its affiliate, Citicore Holdings Investment Inc.

READ: Megawide scandal: Duterte’s anti-sleaze body to look into Saavedra’s P107B airport deal

READ: Bilyonaryo dropouts: Saavedra, Tantoco, Tiu get bumped off 50 richest Filipinos’ list

Megawide plans to use the funds for its Cebu and Paranaque projects.

READ: Utang pa more! Saavedra long on desire for NAIA, but short of cash to fund P155B takeover

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