Megawide gets 9.88% of CREC

Saavedra-led infrastructure and engineering firm Megawide Construction Corp. has completed its acquisition of 9.88 percent of affiliate Citicore Renewable Energy Corp. (CREC), effectively gaining a new revenue source from solar power.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange, Megawide said it has successfully executed a block sale with CREC’s parent company, Citicore Power, Inc. (CPI), for 1.1 billion CREC shares owned by CPI.

“The transaction signifies the strong intra-company cooperation within the bigger Megawide-Citicore Group to achieve a shared objective — that is to create and maximize shareholder value,” said Megawide Chairman and CEO Edgar Saavedra.