Construction and engineering firm Megawide Construction Corp. said Wednesday it plans to raise up to P1.5 billion from the issuance of perpetual preferred shares.
Megawide filed with the Securities and Exchange Commission the preliminary prospectus for the offering of 15 million preferred shares at P100 apiece. The preferred shares, which are cumulative, non-voting, non-participating, non-convertible and redeemable, will be offered to investors from March 13 to 21, subject to approval by the corporate regulators.
The preferred shares will be listed on the main board of the Philippine Stock Exchange on March 31.
Megawide said it would use the proceeds from the fund raising activity to redeem its outstanding Series 2A perpetual preferred shares issued in 2020, which would be due for step-up in May.
The company hired RCBC Capital as the sole issue manager, lead underwriter and book runner for the transaction.