Engineering and infrastructure firm Megawide Construction Corporation is planning to raise ₱4 billion from another issuance of preferred shares after its oversubscribed issuance last April.

In a disclosure to the Philippine Stock Exchange, the firm said it is increasing the company’s authorized capital stock of preferred shares by 40 million to 290 million cumulative, non-voting, non-participating, non-convertible, perpetual preferred shares.

This will increase Megawide's total authorized capital stock to ₱5.22 billion and require an amendment to Article Seven of its Articles of Incorporation.

Megawide said it will accept the subscription of parent company Citicore Holdings Investment Inc. to 25 percent of the increase in authorized capital stock of 40 million preferred shares, or a total of 10 million preferred shares.

The firm will also offer and sell up to 30 million Series 7 preferred shares, consisting of one or more sub-series, from the company's unissued authorized capital stock.

Megawide raised ₱5.3 billion from its oversubscribed offering of Series 6 Preferred Shares, which it has listed on the Philippine Stock Exchange (PSE) on April 14, 2025.

The firm said the offer was 1.7 times oversubscribed from the base offer of ₱3.0 billion. The offering had an oversubscription option worth another ₱3 billion.

The Public Offer period ran from March 26 to April 4, 2025, with completed bids consisting of ₱1.78 billion Series 6A, ₱1.19 billion Series 6B, and ₱2.30 billion Series C.

PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp., were the Joint Issue Managers, Joint Lead Underwriters and Joint Bookrunners for the exercise.

High preference for the Series 6C Preferred Shares indicated investor appetite for longer-term instruments.

Megawide grew its order book to ₱43.5 billion as of end-2024, with P17.2 billion new contracts (adjusted to reflect updated contract prices) signed during the year.