Megawide Construction Corp. has received the green light from the Securities and Exchange Commission (SEC) to raise up to P6 billion through the sale of 60 million preferred shares. The company also announced a cash dividend for its Series 2B preferred shareholders and reported strong financial performance for the first three quarters of 2024.
Megawide Construction Corp. 's proposal to raise up to P6 billion from the sale of up to 60 million preferred shares has received approval from the Securities and Exchange Commission (SEC). The company disclosed on Friday that it received a Certificate of Filing of Enabling Resolution from the regulator on January 23, related to its offer and sale of up to 60 million Series 6 preferred shares . These shares will be issued from its unissued shares at an offer price of P100 per share.
While the disclosure did not provide further details, it follows a day earlier announcement by Megawide stating that its board had approved a cash dividend declaration for its Series 2B preferred shares. This dividend amounts to P1.4375 per share, totaling approximately P25 million. The cash dividends are scheduled to be paid on February 27, 2025, to shareholders recorded as of February 11, 2025.Megawide's financial performance from January to September 2024 demonstrates a positive trajectory. The company recorded a 69-percent year-on-year surge in net income, reaching P562 million. Revenues also grew by 5 percent to P16.3 billion, primarily driven by its construction segment, which contributed P15.5 billion, representing 96 percent of consolidated revenue.Looking ahead, Megawide has secured eight new contracts as of the end of September 2024. These contracts contribute to its order backlog, which now stands at P42.6 billion. This backlog provides Megawide with a projected revenue stream spanning two to three years
Megawide Construction Corp. SEC Approval Share Sale Preferred Shares Cash Dividend Financial Performance Construction Industry Philippines
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