THE SECURITIES and Exchange Commission (SEC) has approved Megawide Construction Corp.’s public offering of up to P5.95 billion in preferred shares.
In a media release on Wednesday, the SEC said its Commission En Banc authorized Megawide to offer 30 million Series 6 preferred shares, with an oversubscription option of up to 30 million additional shares, subject to final regulatory compliance.
The preferred shares are perpetual, cumulative, non-voting, non-participating, non-convertible, and redeemable at P100 per share.
The offer period will run from March 10 to March 19, with listing on the Philippine Stock Exchange’s main board targeted for March 28, according to the company’s latest timeline.
If fully subscribed, the offering is expected to generate net proceeds of up to P5.95 billion, which Megawide intends to allocate toward project pipeline funding, share redemption, and general corporate purposes.
PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. are acting as joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.
At the local bourse, Megawide’s shares declined by two centavos, or 0.87%, closing at P2.28 apiece. — Ashley Erika O. Jose