Megawide to raise P5B

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    Megawide Construction Corp. looks to raise P5 billion through the issuance of preferred shares to fund future projects.

    The company said the preferred share sale is divided into 30 million shares covering the base offer and another 20 million for the oversubscription.

    The shares will be non-voting and cumulative, with a par value of P1 per share.

    The shares will be issued in two sub-series: series 2A preferred shares and series 2B preferred shares, at a subscription price of P100 per share.

    Megawide said the proceeds will be used to finance the development of a 4.5-hectare property within Mactan Cebu International Airport (MCIA) into a 400-room hotel as well as the rehabilitation of the existing runway and taxiways, construction of second parallel runway and development of Terminal 3 in MCIA; the construction of bus staging area and commercial and office complex in the Paranaque Intergrated Terminal Exchange; redevelopment of existing NAIA terminals; rehabilitation of existing Carbon Market, construction of transport and ferry terminals, new Sto. Nino Chapel and Park, and development of commercial complex in the Cebu Integrated Transport Hub; and the development and operations and maintenance of the East West Rail Project in Metro Manila.