Megawide Construction Corp. plans to raise up to P5 billion from the issuance of preferred shares.
Megawide said in a disclosure to the stock exchange Friday its board of directors approved the issuance of up to 50 million preferred shares by way of public offering.
“The book-building process is still ongoing and maximum amount we can raise is up to P5 billion. Coupon will be finalized during the book building process,” an official from Megawide said. Maximum price is P100 per preferred share.
Megawide said during its recent stockholders meeting it planned to build a stable revenue stream over the medium to long-term period by entering new segments and tripling the capacity of its pre-cast facility.
“In 2019, external sales accounted for 40 percent of our pre-cast business and contributed significantly to our construction revenues. Moving forward, we aim to triple our pre-cast capacity to expand its application to infrastructure and housing developments and potentially generate more external sales,” Megawide chairman Edgar Saavedra said.