Megawide raises P3 billion from preferred shares offering

Megawide Construction Corp. has successfully raised P3 billion from its oversubscribed Series 7 preferred shares follow-on offering, indicating investor confidence in the company's expansion plans.

The offering was oversubscribed 2.3 times, with completed bids amounting to P1.16 billion for Series 7A and P1.84 billion for Series 7B.

The funds raised will be used to refinance maturing Series 2B preferred shares, with the oversubscribed portion allocated for corporate requirements and growth initiatives.

These initiatives include participation in the government's Pambansang Pabahay Para sa Pilipino (4PH) program.

RCBC Capital Corp., SB Capital Investment Corp., and PNB Capital and Investment Corp. served as joint issue managers, joint lead underwriters, and joint bookrunners for the offering.