Corporate regulator OKs Megawide bond offering

THE Securities and Exchange Commission has approved the proposed P5-billion bond offering of Megawide Construction Corp.The regulator said that in a meeting on Tuesday, the commission en banc 'resolved to render effective the registration statement of Megawide covering up to P4 billion of fixed-rate bonds, with an oversubscription option of up to P1 billion, subject to the company's compliance with certain remaining requirements.' Megawide expects net proceeds of P4.

Around P550 million will go toward the development of One Lancaster Park, a multi-tower residential development in Cavite being constructed by its real estate arm, PH1 World Developers, Inc.Another P250 million will fund pre-development expenses for pipeline projects, while the remaining P350 million will be set aside for the pre-cast and construction solutions segment.

Regulator Oks Megawide Bond Offering

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