SEC approves Megawide’s P1.5-B preferred shares offering

Megawide Construction Corp. received the approval of the Securities and Exchange Commission (SEC) for its P1.5-billion preferred shares offering.

In a statement on Monday, the regulator said it had “considered favorably the public offering,” which covers 15 million preferred shares.

The preferred shares, which will be offered for P100 each, are cumulative, redeemable, non-voting, non-participating, non-convertible and redeemable.

The company estimates to collect P1.48 billion from the offer. Proceeds will partially finance the full redemption of its outstanding preferred shares.

RCBC Capital Corp. is the sole issue manager, lead underwriter and sole bookrunner of the transaction.

Offer period is from March 13 to 21. These will be listed on the main board of the Philippine Stock Exchange on March 31.

Recently, Megawide said it was considering starting the construction of a second terminal near the Parañaque Integrated Terminal Exchange (PITX) this year to address the growing demand for public transportation.

“The plans are being developed. Of course, we have to get the nod of the [transportation department] being our regulator,” PITX head of corporate affairs and government relations Jason Salvador said earlier.

The PITX official said they intended to expand routes to the northern part of the country with the new terminal. Among the destinations eyed were Ilocos Norte, Pangasinan and Central Luzon.

In addition, the PITX operator was planning to submit an unsolicited proposal to build an intermodal transport hub in Caloocan City.

The goal is to create a counterpart of PITX—the last station of the Edsa Busway system—in Monumento, which is the starting point of the busway’s route.