Listed construction firm Megawide Construction Corp. completed a P2.4-billion equity placement to raise funds for its various construction and infrastructure projects.
The placement was offered to several international and domestic institutional investors.
Managed by CLSA Ltd. and First Metro Investment Corp., Megawide priced the 118.7 million shares it sold at P20 each.
“The placement was done overnight with significant oversubscription from both domestic and international investors, signaling a high level of confidence in the company’s outlook and prospects,” Richard Taylor, head of Investment Banking of CLSA, said.
Oliver Tan, chief financial officer of Megawide, further mentioned that the placement was several times oversubscribed with strong demand from Europe and Asia.
“Widening the shareholder base should improve trading liquidity as well,” he added.
Megawide is set to compete against other big firms for the bidding of the P17.5-billion Mactan-Cebu International Airport project.
Megawide recently revealed to the Philippine Stock Exchange that it intends to partner with an India-based airport developer if it wins the bidding.
“Megawide, together with GMR Infrastructure Ltd., a leading infrastructure and airport developer from India, will participate in the bidding for the Mactan-Cebu International Airport Project,” it added.
Madelaine B. Miraflor