Megawide raises P2.2B from treasury share sale

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MEGAWIDE Construction Corp. has raised P2.2 billion in fresh funds via private placement to partially settle an existing loan.

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Megawide said in a regulatory filing it signed a placement agreement on Thursday covering the sale of 150 million treasury shares for P2.235 billion at P14.90 per share.

“The proceeds of the placement will be used for partial repayment of the bridge loan availed for the purchase of Megawide common shares from Sybase Equity Investments,” the company said.

CLSA Limited was the sole global coordinator and bookrunner for the transaction, while First Metro Investment Corp. was the domestic manager.

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