Edgar Saavedra’s Megawide Construction Corp. plans to raise as much as P5 billion from a preferred share offering to fund the expansion of existing projects as well as new ones which include the modernization of the Ninoy Aquino International Airport.
The offer involves up to 50 million cumulative, non-voting perpetual preferred shares at a price of P100 apiece.
RCBC Capital has been appointed as sole issue manager as well as joint lead underwriter and bookrunner alongside PNB Capital.
The offer period has been tentatively set on September 25 to October 6 while the listing has been scheduled on October 13. The dividend rate setting was set for September 23.
Megawide is setting aside P750 million to P1.5 billion for the NAIA rehabilitation project. Another P500 million to P1 billion has been earmarked for the upgrade of existing runway and taxiways and development of terminal 3 at the Mactan Cebu International Airport.
The company is also allotting P250 million for the conversion of a 4.5 hectare property within the MCIA compound into a 400-room hotel with international brand, meetings, incentives, conference, exhibitions center and travel retail.
Around P750 million has also been earmarked for the construction of bus staging area and commercial and office complex at the Paranaque Integrated Terminal Exchange.
Another P500-P750 million will go to the rehabilitation of existing carbon market at the Cebu Integrated Transport Hub into a new public market including, construction of transport and ferry terminals, new Sto. Nino Chapel and Park, and development of a commercial complex.
The company has also set aside P500 million for the development of the East West Rail Project, a 9.7 kilometer railway line comprising 11 substations within Metro Manila.
About P250 million has been budgeted for general corporate purposes.
Courtesy of Bilyonaryo.com.ph
Source: Peso Economics
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