Megawide ventures to residential development with PH1 World acquisition for P5.2 b

Construction and engineering firm Megawide Construction Corp is venturing into residential development.

Megawide, in a disclosure to the stock exchange on Wednesday said its board approved the acquisition of 100 percent stake in PH1 World Developers Inc for P5.2 billion.

PH1 World is the property arm of Citicore Holdings Investments Inc., the parent company of Megawide.

The acquisition is subject to the approval of the stockholders at the 2023 annual stockholders meeting to be held on July 12, 2023.