Megawide preparing preferred shares sale

Infrastructure and engineering company Megawide Construction Corp. is laying the groundwork for a future capital raising initiative through the sale of preferred shares.

- By RICHMOND MERCURIO

Megawide recently secured board approval for the offering and sale of up to 60 million Series 6 preferred shares consisting of one or more sub-series from the company's unissued authorized capital stock.

The company is poised to hike its 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.

This will increase its total authorized capital stock P5.18 billion.