Connect with us

Hi, what are you looking for?


Megawide aims to raise P1.5B via preferred share offering

LISTED construction company Megawide Construction Corp. announced on Wednesday that it plans to raise P1.5 billion through a preferred share offering in March this year.

The net proceeds from the offer will be used for the redemption of the outstanding Series 2A perpetual preferred shares of the company which will be due for step-up on May 27, Megawide said in its preliminary prospectus.

The company submitted on Jan. 6 an application to the Securities and Exchange Commission for its offer and sale of 15 million cumulative, non-voting, non-participating, non-convertible, redeemable (non-reissuable) perpetual preferred shares having a par value of P1 per share.

“The offer shares is for a total of 15 million Series 5 preferred shares, which shall be issued at a subscription price of P100 per share,” Megawide said.

The company said the sale of the shares will be made solely in the Philippines through RCBC Capital Corp. and its selling agents who will sell and distribute to third-party buyers or investors at the offer price.

The Series 5 preferred shares will be listed on the main board of the Philippine Stock Exchange on March 31 under the trading symbol “MWP5.”

“Following the offer, the company will have 2,013,409,717 common shares and 386,016,410 common shares held in treasury; 26,220,130 Series 2A preferred shares, and 17,405,880 Series 2B preferred shares, 29,000,000 Series 3 preferred shares, 40,000,000 Series 4 preferred shares issued and outstanding shares, and 15,000,000 Series 5 preferred shares,” Megawide said.

Megawide noted that the holders of the Series 5 preferred shares do not have identical rights and privileges with holders of the existing common shares and existing Series 2, Series 3, and Series 4 preferred shares of the company.

“Any and all preferred shares of the corporation shall have preference over common shares in dividend distribution and in case of liquidation or dissolution,” it said.

For the January-to-September period of 2022, the company’s attributable net loss widened to P445.3 million from a loss of P80.8 million in 2021.

The company’s consolidated net loss reached P970 million compared with the consolidated net loss of P510 million in 2021.

This was “due to a higher loss contribution from the airport business as well as landport operations,” Megawide previously said in a statement. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



STOCKS continued to decline on Tuesday on faster-than-expected January inflation that fueled expectations of another big rate hike by the Bangko Sentral ng Pilipinas...


PHILIPPINE STAR/ WALTER BOLLOZOS THE PESO sank to the P55-per-dollar level on Tuesday as January headline inflation was faster than expected and amid hawkish...


President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5, 2022. — PHILIPPINE STAR/ KRIZ...


REUTERS AGRICULTURE industry representatives said the government has not adequately supported farmers in achieving competitiveness against imports, which they called a necessary step before...


POLLOC FREEPORT AND ECOZONE — BARMM FACEBOOK PAGE THE classification of economic zone logistics services enterprises (ELSEs) as eligible for incentives under the Strategic...


BW FILE PHOTO A BILL that requires real estate investment trusts (REITs) to reinvest proceeds from their fundraising activities in the Philippines has been...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.