By Jenniffer B. Austria
The Securities and Exchange Commission said Monday it approved the P1.5-billion preferred shares offering of construction and engineering firm Megawide Construction Corp.
It said in a statement Megawide would offer 15 million cumulative, redeemable, non-voting, non-participating, non-convertible, redeemable, perpetual Series 5 preferred shares.
The shares will be offered at P100 each and will be listed on the main board of the Philippine Stock Exchange.
Megawide said it would use the proceeds from the fund-raising activity to partially redeem the company’s outstanding Series 2A perpetual preferred shares which would be due for step-up in May.
Offer period period will be from March 13 to 21, in time for listing on the PSE on March 31, according to the latest timetable submitted to the SEC.
Megawide engaged RCBC Capital Corp. as the sole issue manager, lead underwriter and sole bookrunner for the offer.
Megawide is implementing a comprehensive long-term financial management program to strengthen its balance sheet and develop a more efficient capital structure.
The company’s attributable net loss widened to P445.3 million in the first three quarters of 2022 from P80.8 million a year earlier.