The Securities and Exchange Commission (SEC) has approved the ₱3-billion follow-on offering of preferred shares by engineering and infrastructure firm Megawide Construction Corp.

In its meeting on Oct. 9, the Commission En Banc resolved to render effective the registration statement of Megawide covering up to 20 million preferred shares, with an oversubscription option of up to 10 million shares, subject to the company’s compliance with certain remaining requirements.

The preferred shares, which are cumulative, non-voting, non-participating, non-convertible, redeemable, and perpetual, will be offered to the public at a price of up to ₱100 apiece.

Megawide is expected to net up to ₱2.97 billion from the offer, assuming the overallotment option is fully exercised. Proceeds will be used for debt refinancing, partial financing of projects in the pipeline, and general corporate purposes.

The offer period will run from Oct. 30 to Nov. 10, in time for listing on the main board of the Philippine Stock Exchange (PSE) on Nov. 19, according to the latest timetable submitted to the SEC.

The firm has tapped PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. to serve as joint issue managers, joint lead underwriters, and joint bookrunners for the offer.

Megawide expects to exceed last year’s profits in 2025 after reporting a consolidated net income of ₱436 million in the first six months of the year—slightly lower than the ₱438 million earned in the same period last year, but amounting to 81 percent of full-year 2024 net income.

The firm said its consolidated revenues declined 25 percent to ₱8.6 billion, as projects under construction enter the tail-end of the life cycle.

“Based on our performance in the first six months of the year, we are on track to outpace our net income from the previous year,” Megawide Chairman and Chief Executive Officer (CEO) Edgar Saavedra said.

He added that, “This is also partly driven by the increasing contribution from our real estate business, which is steadily emerging as a new growth driver.

“Other business segments are expected to complement our consolidated overall performance as we replenish our order book for engineering, procurement, and construction (EPC) and precast and construction solutions (PCS), from both external and internal clients.”