Shareholders of Megawide Construction Corp. approved Wednesday the company’s acquisition of its sister company, PH1 World Developers Inc. from mother firm Citicore Holdings Investments Inc.
Megawide is looking to purchase PH1 World Developers for P5.2 billion.
Megawide earlier said the acquisition price was determined through a “careful deliberation and valuation study of PH1 World Developers.
FTI Consulting’s fairness report pegged PH1 World Developers’ value to be between P3.82 billion to P6.17 billion.
The valuation took into account the existing four vertical residential projects of PH1 World Developers and its interests in two other business entities.
Edgar Saavedra, Megawide chairman, said the acquisition of PH1 World Developers will position Megawide in the affordable housing market, while enhancing the company’s operation results.
