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SEC oks Megawide capital hike to P2B

By Zinnia B. Dela Peña (The Philippine Star) Updated September 20, 2011 12:00 AM

MANILA, Philippines - Construction and engineering firm Megawide Construction Corp. has obtained the Securities and Exchange Commission’s nod to raise its capitalization to P2 billion from P1 billion to cover its 30 percent stock dividend declaration.

The new capitalization consists of two billion shares with a par value of P1.

The 30-percent stock dividend, equivalent to 257.1 million common shares, will constitute the minimum subscription and paid-up requirement to the increase of the authorized capital of Megawide.

The record date and date of payment shall be announced upon stockholders’ and/or regulator’s approval of the increase in capital.

Megawide reported a net income of P335 million last year, more than three times the 2009 level, on robust order books at its construction and support-services divisions.

The company is confident it will perform better this year on the back of a progressively increasing order backlog.

Megawide expects to secure more new projects this year as it seeks to diversify into infrastructure and residential construction.

The company is seeking joint ventures with big firms seeking to undertake infrastructure projects under the government’s Public-Private Partnership (PPP) program aimed at upgrading the country’s roads, bridges and airports.

IN the past three years, Megawide had booked P22.9 billion worth of construction contracts covering approximately 1.298 million square meters of floor area, consisting of 22 high-rise and 15 medium-rise condominium projects in Metro Manila.
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