The construction, real estate and infrastructure group secured the Securities and Exchange Commission’s approval on March 24, allowing the public offer to run from March 26 to April 4, ahead of a planned listing on April 14.
“The initial results of the book building were very encouraging and indicate a strong vote of confidence in Megawide’s long-term prospects. We intend to use the proceeds from the offer to refinance our Series 4 preferred shares, fund our growth projects—particularly in real estate—and for general corporate purposes,” said Jez dela Cruz, Megawide’s chief financial officer.
The shares are divided into three series, with dividend rates of 7.63 percent, 7.96 percent, and 8.30 percent. Funds raised will be used to refinance existing preferred shares, support growth projects—particularly in real estate—and cover general corporate needs.
Its real estate unit, PH1 World Developers, is focused on emerging areas like Cavite, where infrastructure such as the Cavite BRT project is being developed.
“We are very thankful to the regulatory bodies for giving us the green light to proceed with this offering. We are also grateful to the syndicate for working tirelessly, amid prevailing market conditions, to ensure that we complete all the requirements within the prescribed timetable and secure this go signal,” said Saavedra, the chair and CEO of Megawide.
PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corporation were the joint issue managers, joint lead underwriters, and joint bookrunners for the offering.
