Citicore Holdings Investment Inc., the parent firm of Megawide Construction Corp., invested P16 million in the latter by subscribing to its increased authorized capital stock. This move reflects Citicore's continued confidence in Megawide's growth prospects.
SAAVEDRA-LED developer Megawide Construction Corp. said on Wednesday that its parent firm Citicore Holdings Investment Inc. was investing P16 million in the firm by subscribing to its increased authorized capital stock.In a disclosure, Megawide said Citicore formally subscribed to at least 25 percent of the increase in the company's authorized capital stock, equivalent to P16 million, through the execution of a subscription agreement dated Jan. 7, 2025.
Megawide already received payment of 25 percent, or P4 million, of Citicore's subscription last Dec. 12, 2024.In October, the company's board approved the increase in Megawide's authorized capital stock of preferred shares by 64 million shares to a total of 250 million cumulative, non-voting, non-participating, non-convertible, perpetual preferred shares, effectively raising the company's authorized capital stock to P5.18 billion.Also approved was the amendment of Megawide's articles of incorporation to reflect the increase in its authorized capital stock.A special stockholders' meeting held on Dec. 10, 2024 approved the board's actions.On Dec. 27, 2024, the Securities and Exchange Commission (SEC) issued the certificate of approval of the increase of capital stock and certificate of filing of amended articles of incorporation, 'both of which were received by the company on 07 January 2025,' Megawide said.Megawide saw its net income in the first nine months of 2024 surge 69 percent to P562 million, with revenues growing 5 percent year-on-year to P16.3 billion.Its construction segment delivered 96 percent, or P15.5 billion, to consolidated revenues on strong macro-economic growth supported by the government's infrastructure development and renewable energy capacity build-up.As of end-Sept. 2024, Megawide had secured eight new contracts, bringing its order backlog to P42.6 billion, or worth two to three years of revenue stream for the company.Prior to the latest stock subscription, Citicore already held 3
INVESTMENT CONSTRUCTION MEGAWIDE CITICORE STOCKS PHILIPPINE BUSINESS
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Megawide Construction Partners with Splice Sleeve for Enhanced Building TechnologyMegawide Construction Corporation has entered into a partnership with Splice Sleeve Japan Ltd., a global leader in rebar coupler technology, to integrate advanced rebar connection solutions into its construction projects. This collaboration aims to boost construction efficiency, structural integrity, and align with global best practices in engineering and sustainability.
Read more »
Megawide Construction Partners with Splice Sleeve Japan for Innovative Rebar Coupler TechnologyMegawide Construction and Splice Sleeve Japan Ltd. join forces to integrate advanced rebar coupler technology into Megawide's construction projects, aiming for enhanced efficiency, structural integrity, and sustainability.
Read more »
Holcim Philippines and Megawide Expand Partnership for Key Construction ProjectsHolcim Philippines Inc. and Megawide Construction Corporation have signed a significant supply agreement for aggregates, supporting major infrastructure projects in the Philippines.
Read more »
Citicore taps Sungrow for battery energy storage systemCiticore Renewable Energy Corp. (CREC) said Monday it signed a supply and services agreement with China’s Sungrow Power Supply Co., Ltd. (Sungrow), a
Read more »
Holcim, Megawide renew partnershipHOLCIM Philippines Inc. has renewed a supply agreement with Saavedra-led developer Megawide Construction Corp. and will provide over 400,000 metric tons of aggregates for the latter's 2025 projects.
Read more »
President Marcos Vetoes P16.7 Billion in Flood Control ProjectsPresident Ferdinand Marcos Jr. vetoed P16.7 billion worth of flood control projects from the P6.326 trillion 2025 General Appropriations Act (GAA), urging government agencies to spend allocations more efficiently. The vetoed projects, totaling P16.7 billion, were spread across various regions, with Region 3 and Region 2 receiving the highest amount of rejected funds.
Read more »