Around 60 percent of the proceeds will go to debt repayment, with the rest set aside for its pipeline and general corporate needs.
The offer closes a busy year for the company, following its oversubscribed Series 6 issuance in April and an even stronger 2.25-times take-up for Series 7.
“Clearly, the market’s positive reception to these FOOs [follow-on offers] is testament to the faith the investment community places in Megawide’s young, vibrant and determined leadership, bright outlook and strong market position,” said Ramon Monzon, president and CEO of the Philippine Stock Exchange.
Monzon said that Megawide is one of only three companies in the past 15 years to complete back-to-back FOOs.
“I am pleased that PSE remains to be the preferred conduit for Megawide to access the capital it needs to support the company’s operations and sustain its growth in the competitive engineering and infrastructure sector,” Monzon said.
—Edited by Miguel R. Camus
