Megawide Construction Corp., represented by Chief Executive Officer Michael Cosiquien and Chief Financial Officer Oliver Tan, conducted its first-ever investment roadshow in the US late last month, as part of the firm’s continued exploration of capital sources to fund an aggressive growth strategy that includes high-profile public-private partnership (PPP) projects, the firm said in a statement.
Megawide is in the process of preparing bids for major construction projects, including governmental airport projects.
The US non-deal roadshow, hosted by institutional equities broker Decker & Co., reflects global investors’ interest in the company and its growth. It follows the firm’s announcement last month that it is considering the sale of treasury shares in a potential raise of an estimated P6 billion in fresh capital.
“We were pleased to bring Megawide’s dynamic leadership to the US for the first time,” said Mark Decker, founder and CEO of Decker & Co., which has offices in the US and Asia. “Investors are very excited about their emerging airport operating business—which brings tourism and consumer themes into the investment equation along with infrastructure. Investors are attracted to the multiple growth drivers.”
Megawide, which has been listed on the Philippine Stock Exchange since 2011, has successfully diversified from a pure order book construction company into operations including power assets, property development, and airport operations—now the largest private airport operator in the Philippines. Megawide won five of the 10 PPP projects up for bid during the previous administration and continues to be active in bidding for upcoming projects.
One of Megawide’s PPP projects won is a 25-year concession to operate and maintain the second largest airport in the Philippines, Mactan Cebu International Airport (MCIA). The project includes building a second terminal that aims to increase passenger handling capacity to 12.5 million per year from the current 8 million passengers. The second terminal is expected to be operational by the end of 2018.
Another Megawide project is the Southwest Integrated Transport System (SWITS)—a 35-year concession to build a transport hub that will service commuters from Cavite and Laguna province. The hub will eventually house a retail mall, four BPO towers, and up to 100,000 passengers per day. The project is being built under a Build-Transfer-Operate Agreement.