THE Securities and Exchange Commission (SEC) has approved Megawide Construction Corp.’s follow-on offering of up to 20 million preferred shares.
In a meeting on Oct. 9, the Commission En Banc rendered effective the company’s registration statement, with an oversubscription option of up to 10 million additional shares, subject to Megawide’s compliance with certain remaining requirements, the SEC said in a statement on Friday.
The preferred shares are cumulative, non-voting, non-participating, non-convertible, redeemable, and perpetual, and will be offered at up to P100 apiece.
If fully subscribed, the offering is expected to generate net proceeds of up to P2.97 billion, which Megawide intends to use for debt refinancing, partially financing projects in the pipeline, and general corporate purposes.
The offer period is scheduled from Oct. 30 to Nov. 10, with listing on the Philippine Stock Exchange’s main board targeted for Nov. 19, according to the latest timetable submitted to the SEC.
PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. will serve as joint issue managers, joint lead underwriters, and joint bookrunners for the offering.
At the local bourse on Friday, Megawide’s shares rose by four centavos, or 1.33%, closing at P3.05 apiece. — Alexandria Grace C. Magno
