Megawide Construction Corp. has received the green light from the Securities and Exchange Commission (SEC) to proceed with its planned public offering of preferred shares with a value of up to P1.5 billion.
The Commission en banc approved the registration statement of Megawide covering 15 million cumulative, redeemable, non-voting, non-participating, non-convertible, redeemable, perpetual Series 5 preferred shares.
The preferred shares will be priced at P100 per share and listed on the main board of the Philippine Stock Exchange.
The offer is expected to generate P1.48 billion in net proceeds, which Megawide intends to use in part to finance the complete redemption of its current preferred shares. It will run from March 13 to 21, with the PSE listing scheduled for March 31, according to the most recent SEC timetable.
Megawide has appointed RCBC Capital Corporation as the sole issue manager, lead underwriter, and sole bookrunner for the offer.