Saavedra's Megawide cleared for P6-B preferred share sale in March

Edgar Saavedra

Megawide chair, president and CEO 

Tycoon Edgar Saavedra’s Megawide Construction Corp. has received regulatory clearance to sell up to P6 billion in preferred shares, bolstering funding for key projects.

The Securities and Exchange Commission (SEC) approved the company’s registration statement on Feb. 25, covering 30 million Series 6 preferred shares, with an oversubscription option for another 30 million shares.

Key details 

Each share will be priced at P100 and carries perpetual, cumulative, non-voting, non-participating, non-convertible, and redeemable features. 

If the full oversubscription is exercised, Megawide expects to raise P5.95 billion, which will be allocated for pipeline project funding, share redemption, and general corporate expenses.

Target timeline 

The offer is expected to run from March 10 to 19, with the shares scheduled for listing on the Philippine Stock Exchange’s Main Board on March 28. 

The company has hired PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. as joint issue managers, lead underwriters, and bookrunners.