The Securities and Exchange Commission (SEC) said it has approved the P6 billion preferred shares of Megawide Construction Corp.
The construction and allied service company is looking to offer to the public an initial 30 million Series 6 preferred shares, and another 30 million shares to cover the oversubscription option.
The preferred shares — perpetual, cumulative, non-voting, non-participating, non-convertible, and redeemable — will be for sale at P100 apiece.
The proceeds of the offer will be used for the partial financing of pipeline projects, redemption of shares, and for general corporate purposes.
Megawide eyes to have the share sale March 10-19, with the shares to be listed on the Main Board of the Philippine Stock Exchange on March 28.
Megawide taped PNB Capital and Investment Corp., RCBC Capital Corp. and Security Bank Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.
