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.
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PSE said Megawide also failed to disclose the signing of a subscription agreement by its affiliate, Citicore Holdings Investment Inc.
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Megawide plans to use the funds for its Cebu and Paranaque projects.
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