Co-founder ups stake in Megawide
Edgar Saavedra, co-founder and president of engineering and construction firm Megawide Construction Corp., has consolidated his interest in the company by acquiring an additional 14.67-percent stake for about P5.68 billion.
Megawide’s parent company, Citicore Holdings Investment Inc. (CHII), transferred 313.79 million shares in Megawide to Megacore Holdings Inc., a holdings company formed to consolidate Saavedra’s economic stake in Megawide.
Post-transaction, Saavedra, through Megacore and CHII combined, will effectively own 40.17 percent of Megawide. CHII will reduce its stake from 66.67 percent to 51 percent.
Saavedra’s partner and Megawide chair, Michael Cosiquien, still has his over 25-percent stake in Megawide consolidated through CHII. The two engineers formed Megawide in 1997 after graduating from De La Salle University. The company is now one of the country’s leading contractors and infrastructure developers.
“Twenty years ago, my former classmate (Cosiquien) and I crafted the vision for Megawide to become one of the leading construction companies in the Philippines. After realizing this vision, we continue to challenge ourselves to transform the company into a diversified infrastructure and engineering conglomerate,” Saavedra said in a statement.
“This restructuring enables us to maximize our resources and skill sets enabling us to focus on areas where they are best utilized. There is much that Edgar and I have yet to explore and accomplish and this transaction is part of our innovation toward bigger and better things,” said Cosiquien.
“In 20 years, we have managed to diversify our project portfolio to include not just private sector EPC projects but also public infrastructure. We’re even looking into projects abroad,” said Saavedra.
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