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Saturday, February 24, 2024

Megawide in talks with LGUs to build more transport hubs

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Engineering and infrastructure company Megawide Construction Corp. plans to build more integrated land transport terminals in various parts of the country, its top executive said over the weekend.

Megawide chairman and chief executive Edgar Saavedra said the company was in talks with several local government units to replicate the transport terminal it constructed in Metro Manila in other cities.

Megawide Construction Corp. lists Series 2A and 2B preferred shares at the Philippine Stock Exchange after raising P4.36 billion to finance the expansion of its pre-cast plant and infrastructure projects. Attending the bell-ringing ceremony are (front row, from left) Megawide executive director for infrastructure development Manuel Louie Ferrer and PSE chief operating officer Roel Refran, (back row, from left) Megawide chief financial officer Ramon Diaz and chairman and chief executive Edgar Saavedra, SEC chairman Emilio Aquino, PSE president and chief executive Ramon Monzon and PSE issuer regulation division officer-in-charge Marigel Garcia; PNB Capital and Investment Corp. senior assistant vice president Jose Eduardo de Rivera, RCBC Capital Corp. first vice president Xavier Zialcita, Securities Clearing Corporation of the Philippines chief operating officers Renee Rubio and PSE general counsel Veronica Del Rosario.

Saavedra said his group was studying the proposed south-bound terminal project of the local government of Baguio City that would connect to the company’s multi-modal Parañaque Integrated Terminal Exchange. Megawide is eyeing a similar project in Visayas.

Megawide also plans to expand PITX as foot traffic in the terminal reached a pre-COVID level of 56,000 to 60,000 a day.

The expansion of PITX, which will require a capital spending of P4.5 billion, will include the construction of more bus bays and terminals and the expansion of additional commercial and retail spaces.

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Megawide said several mall operators expressed interest in teaming up with the company to operate in the transport terminal.

Meanwhile, Saavedra said the group’s order book reached P46 billion, exceeding the pre-COVID level.

Saavedra said the company secured secure new projects, including the casino project of Suntrust Home Developers Inc. in Parañaque.

Megawide said the group’s order book was expected to increase further as it prepares to participate in the tender for the portions of the North-South Commuter Railway project and the Manila Subway project.

The company also expressed hope on securing the rehabilitation project of Ninoy Aquino International Airport, the country’s main gateway, which is subject to approval by the National Economic and Development Authority board.

From being a purely-construction firm focusing on building vertical and horizontal housing projects, Megawide pivoted to infrastructure sector to expand its portfolio.

Megawide raised P4.36 billion from the issuance of preferred shares last week. It said the net proceeds fund would be used to finance the group’s growing infrastructure project portfolio.

The offering was almost 1.5-times oversubscribed from the base offer of P3 billion, prompting the company to exercise a portion of the over-allotment shares.

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