The local stock market is rife with speculation that the family of Bilyonaryo Henry Sy is set to unload its shares in fast-growing construction and engineering firm Megawide Corp.
This after Megawide informed the Philippine Stock Exchange that it was in talks for the possible divestment of shares by a minority shareholder.
The Sy family, through Sybase Equity Investments Corp., held a 15.369 percent stake (equivalent to 368.766 million shares) in Megawide as of May 31 this year. It bought the shares during Megawide?s initial public offering in 2011.
Megawide founders Michael Cosiquien and Edgar Saavedra, through Citicore Holdings Investments Inc, own 56.8 percent of the listed construction firm which aspires to be a diversified engineering and infrastructure company over the medium-term.
Together with Bangalore-based partner GMR Infrastructure Ltd., Megawide took over operations of the Mactan-Cebu International Airport in November 2014.
