Philippines’ Megawide plans to offer up to PHP 8 billion preferreds

By Marisa Wong

Los Angeles, Sept. 29 – Megawide Construction Corp. said it plans to issue PHP 3 billion of preferred shares, with an oversubscription option of up to PHP 5 billion.

RCBC Capital Corp. and PNB Capital Corp. are the joint lead underwriters for the capital raise, which is targeted to be completed by November.

The company said in a press release that it believes that the Philippine government’s continued efforts to jumpstart the economy through the relaxation of credit, together with stable inflation and foreign exchange-rate scenarios, will provide a favorable interest-rate environment for pricing the proposed issuance.

Proceeds from the preferreds will be used to fund Megawide’s runway for growth program, which primarily includes the development of the 1.7-hectare Lot 2 at the Paranaque Integrated Terminal Exchange, expansion of its pre-cast capacity and initial design stages for the Mactan Cebu International Airport multi-use development.

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

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