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Manila Bulletin devider Business devider Megawide plans P1.5-B preferred share offering

Megawide plans P1.5-B preferred share offering

Published Jan 11, 2023 02:54 pm

Megawide Construction Corporation is planning to raise P1.5 billion from the issuance of a new series of preferred shares to fund the redemption of a previously issued series of preferred shares.

In a disclosure to the Philippine Stock Exchange, the firm said it has filed with the Securities and Exchange Commission a Registration Statement and Preliminary Prospectus relating to its planned offering.

Megawide is planning to offer and sell 15 million cumulative, non-voting, non-participating, non-convertible, redeemable (non-reissuable) perpetual preferred shares with a par value of one peso per share at a subscription price of P100.00 per share.

Net proceeds from the offer amounting to P1.48 billion will be used to fully redeem the firm’s Series 2A Preferred Shares.

In case the Offer does not materialize or the funds raised from the Offer are insufficient to redeem the Series 2A Preferred Shares, the Company will use internally generated cash and other programmed funding to finance the redemption of the Series 2A Preferred Shares.

The net proceeds of the Series 2A Preferred Shares were used by Megawide to finance various public-private partnerhip (PPP) projects such as the Mactan-Cebu International Airport, the Parañaque Integrated Terminal Exchange (PITX), Public School Infrastructure Project (PSIP) Phase II, and Clark International Airport.

The Offer period is targeted for March 13 to 21, 2023 with the tentative listing date on March 31, 2023.

Megawide and RCBC Capital Corporation (Sole Issue Manager, Lead Underwriter and Bookrunner) reserve the right to extend or terminate the Offer Period with the approval of the SEC and the PSE, as applicable.

The firm has an authorized capital stock of P5.12 billion divided into 4.93 billion common shares with a par value of P1.00 per share and 186 million preferred shares with a par value of P1.00 per share Megawide currently has 2.5 billion issued shares composed of 2.01 billion outstanding common shares, 386.02 million common shares held in treasury, 26.22 million issued and outstanding Series 2A Preferred Shares, 17.41 million issued and outstanding Series 2B Preferred Shares, 29 million issued and outstanding Series 3 Preferred Shares, and 40 million issued and outstanding Series 4 Preferred Shares.

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