Megawide raises P2.2b in equity sale

Megawide Construction Corp. said on Friday it raised P2.2 billion through an overnight equity placement.

Megawide said it sold 150 million common shares held in treasury at a price of P14.90 per share, raising P2.2 billion via an accelerated overnight equity placement.

“The proceeds of the placement will be used for partial repayment of the bridge loan availed for the purchase of Megawide common shares from Sybase Equity Investments,” Megawide said.

Megawide in July signed a share buyback agreement with Sybase Equity, a privately-held company owned by the family of retail tycoon Henry Sy Sr involving 410,842,702 million common shares in the company. The shares represent roughly 17.2 percent of Megawide.