Philippines’ Megawide launches PHP 3 billion preferreds offering

By Marisa Wong

Los Angeles, Nov. 16 – Megawide Construction Corp. announced that its PHP 3 billion offering of preferred shares with an oversubscription option of up to PHP 2 billion is underway.

The offer began on Nov. 10 and runs until Nov. 17, with listing targeted for Nov. 27.

Joint lead underwriters RCBC Capital and PNB Capital have indicated strong reception for the offer, the company said in a Monday press release.

The deal had previously been downsized. The oversubscription option was decreased to PHP2 billion from PHP 5 billion, as reported.

Proceeds from the preferreds will be used to grow Megawide’s infrastructure project portfolio, including a multiuse development in the Mactan-Cebu International Airport, further development of the multimodal transport terminal in MetroManila, the Paranaque Integrated Terminal Exchange and expansion of the company’s precast construction capacity.

The construction and engineering firm is based in Quezon City, Philippines.

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