Megawide Construction Corp. said Tuesday it increased the size of its preferred share offering to P8 billion.
Megawide said in a disclosure to the stock exchange it filed with the Securities and Exchange Commission an application to issue P3 billion worth of preferred shares, with an oversubscription option for another P5 billion.
The company earlier said it would raise P5 billion from the preferred share offering. It plans to complete the fund-raising activity by November.
“We see significant opportunities in both our organic and external pipeline amid the challenges emerging from the health crisis. We are very thankful to our partners for arranging this facility and gathering together the sources and users of fund, especially in this critical yet exciting stage for the company,” Megawide chairman and chief executive Edgar Saavedra said.
The company plans to use net proceeds from the issuance to fund growth program, including the development of the 1.7-hectare Lot 2 at the Parañaque Integrated Terminal Exchange.