Megawide Construction Corporation is planning to raise about P7.6 billion from the issuance of its Series 6 preferred shares, via share subscription and a follow-on offering, after increasing its authorized capital stock to P5.18 billion.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it will raise its authorized capital stock by 64 million preferred shares to a total of 250 million cumulative, non-voting, non-participating, non-convertible, perpetual preferred shares.

The additional preferred shares will increase Megawide's total authorized capital stock to P5.18 billion.

The firm said it will also accept the subscription of Citicore Holdings Investment Inc. to 25 percent the increase in authorized capital stock of preferred shares or a total of 16 million preferred shares.

Megawide will also be offering and selling up to 60 million Series 6 preferred shares, consisting of one or more sub-series, from the unissued authorized capital stock of the Company.

To get this rolling, Megawide has set a Special Stockholders' Meeting on Dec. 10, 2024 for the approval of the increase in authorized capital stock and offer of Series 6 preferred shares, as well as the consequent amendment of the Company’s Articles of Incorporation.

Last year, Megawide sold 15 million preferred shares at P100 per share to raise P1.5 billion through a follow-on offering and listed the shares at the PSE. The preferred shares carry a dividend rate of 7.9042 percent.

Proceeds from the firm’s Series 2A preferred shares were used to finance its public-private partnerships such as Mactan-Cebu International Airport, Parañaque Integrated Transport Exchange, Public School Infrastructure Project Phase II, and Clark International Airport.