Business

Megawide preferred share issue nearly 1.5x oversubscribed

Megawide Construction Corp. raised around P4.36 billion from a preferred share offering, which was warmly received by investors.

The sale of the company’s Series 2A and Series 2B preferred shares was almost 1.5x times oversubscribed from the base offer of P3 billion, attracting more than 100 financial institutions and other retail investors.

Proceeds form the issue will be used to support Megawide’s growing infrastructure project portfolio, including its proposal to redevelop and expand the Ninoy Aquino International Airport (NAIA), further development of the Paranaque Integrated Terminal Exchange (PITX), and to beef up the company’s construction capacity.

“We are extremely heartened at the market’s vote of confidence in Megawide’s financial strength, our business prospects and future growth coming from our focus on delivering transformative infrastructure projects such as our proposal to rehabilitate and transform NAIA into a first world airport,” said Edgar Saavedra, chairman and CEO of Megawide.

“The success of this recent capital raising exercise demonstrates investor confidence in Megawide’s strategy, the prospects of its projects, the synergies of its partnerships as well as the vision of its management,” said Ramon S. Monzon, PSE president and CEO.

RCBC Capital Corp. was the sole issue manager while PNB Capital and Investment Corp. were the joint lead underwriters for the exercise.

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