Megawide’s P6B preferred share sale gets PSE approval, new timetable set

The Philippine Stock Exchange (PSE) has approved Megawide Construction Corp.’s follow-on offering of up to 60 million Series 6 preferred shares, allowing the company to raise as much as P6 billion.

The offer includes 30 million firm shares, with an option to issue another 30 million in case of strong investor demand.

Updated timetable

Megawide’s price and dividend rate-setting date is scheduled for March 21, 2025, with the offer period running from March 26 to April 4, 2025. 

The company targets a tentative listing date of April 14, 2025, subject to regulatory approvals. 

Edgar Saavedra 

​Megawide chair, president and CEO 

Proceeds from the offering, which could reach P5.95 billion if the full oversubscription is exercised, will be used to fund pipeline projects, redeem shares, and cover general corporate expenses.

Bank partners

The offering is backed by PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp., which serve as joint issue managers, joint lead underwriters, and joint bookrunners.