Megawide board OKs creation of new shares

THE board of directors of construction firm Megawide Construction Corp. has approved the creation of preferred shares in line with a planned increase in its capital stock.

"Pursuant to the resolutions approved by the Board of Directors on preferred shares, which were disclosed on 07 November 2022 and 11 January 2023, the Board of Megawide Construction Corp. approved on Feb. 6 2023 the following: The creation and designation of its Series 5 Preferred Shares consisting of 15 million shares, which are to be listed in the Philippine Stock Exchange Inc.; and an infusion of an additional 9 million shares to the Series 3 Preferred Shares of the company, subscribed by Citicore Holdings Investment Inc.," the firm said in a disclosure.