Megawide launches ₱6 billion preferred shares offering

Megawide Construction Corporation will launch its ₱6 billion Series 6 Preferred Shares Offering on Wednesday, March 26, with the public offer period running until April 4.

The company has received a Permit to Sell from the Securities and Exchange Commission (SEC) on March 24, allowing it to proceed with the offering.

PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corporation are serving as Joint Issue Managers for this issuance, which consists of a base offer of 30 million preferred shares totaling ₱3 billion, with an oversubscription option of up to another 30 million shares.

Megawide plans to use the proceeds from the offering to refinance Series 4 preferred shares, fund real estate growth projects, and cover general corporate purposes. The issuance carries dividend rates of 7.6283%, 7.9606%, and 8.2993% for Series 6A, 6B, and 6C, respectively.

Chairman and CEO Edgar Saavedra expressed gratitude to regulatory bodies and the syndicate for their support in completing all requirements within the prescribed timetable.