After a slight delay, Megawide Construction Corporation is kicking off on March 26 its ₱6 billion Series 6 Preferred Shares Offering after receiving the Permit to Sell (PTS) from the Securities and Exchange Commission (SEC) on March 24, 2025.
“With the PTS, the Company and the syndicate can commence with the public offer period, which will run from March 26 – April 4, 2025, and a targeted Listing Date on April 14, 2025,” Megawide said in a disclosure to the Philippine Stock Exchange.
PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corporation were the Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners for the exercise.
The SEC said last month that the tentative schedule for the offering was March 10 to 19, with the shares to be listed on the Main Board of the PSE on March 28.
“We are very thankful to the regulatory bodies for giving us the greenlight to proceed with this offering. We are also grateful to the syndicate for working tirelessly, amid prevailing market conditions, to ensure that we complete all the requirements within the prescribed timetable and secure this go signal,” said Megawide Chairman and CEO Edgar Saavedra.
Based on the Prospectus, the Series 6 Preferred Shares fetched dividend rates of 7.6283 percent, 7.9606 percent, and 8.2993 percent for the Series 6A, 6B, and 6C, respectively.
The SEC said Megawide’s registration statement covers a total of 30 million Series 6 preferred shares, with an oversubscription option of up to 30 million which will be offered at ₱100 apiece.
“The initial results of the book building were very encouraging and indicate a strong vote of confidence in Megawide’s long-term prospects,” said Megawide Group Chief Financial Officer Jez dela Cruz.
He added that, “We intend to use the proceeds from the offer to refinance our Series 4 preferred shares, fund our growth projects particularly in real estate, and for general corporate purposes.”
The Company’s real estate development arm PH1 World Developers, Inc. (PH1) is targeting next wave cities, such as Cavite, where the healthy end-user demand is being complemented by an improving public transport network.
Megawide is constructing the Cavite Bus Rapid Transit (BRT) Project, which will traverse several cities in the province, including Imus and Trece Martires.
This key infrastructure is expected to help thousands of residents and commuters in the Cavite area to connect to key districts in Metro Manila via a dedicated line through the Paranaque Integrated Terminal Exchange (PITX).
Megawide remains to be a key player in the industry with a healthy construction order book of P43.5 billion as of end-December 2024.