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Megawide Construction Corp. looks to raise as much as P5 billion through the issuance of series 2 preferred shares to the public.
The company said its board of directors has approved the fundraising plan, of which P1.35 billion will be subscribed to by Citicore Holdings Investment Inc.
The company said it has yet to sign a mandate for the fundraising, with the building process ongoing and the dividend rate still to be finalized. Megawide plans to offer the shares at an offer price of up to P100 apiece.
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In end-May, Megawide reported its profit in the first quarter of the year fell by 3 percent to P233 million, from P227 million last year. Revenues grew 42 percent to P5.06 billion from P3.56 billion.
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