Megawide Raises Preferred Shares to P8 Billion

Construction giant Megawide Construction Corporation prepares raising up to P8 billion through the issuance of preferred shares. The sale is expected to boost and expand their infrastructure portfolio and overall development.

Both Rizal Commercial Banking Corporation (RCBC) Capital Corp. and Philippine National Bank (PNB) Capital Corp. were hired by Megawide to oversee the whole share sale.

Megawide revealed that they will raise a P3 billion minimum and an P8 billion maximum preferred shares sales.

“We see significant opportunities in both our organic and external pipeline,” said Edgar Saavedra, Megawide chair and CEO.

He added that the fundraising is “critical yet exciting” considering we are still in the midst of a pandemic.

The proceeds will soon be used for the development of a 1.7 hectare lot at the Parañaque Integrated Terminal Exchange.

Megawide is also the developer and overall operator of the Mactan Cebu International Airport (MCIA). (MLC)