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Megawide buys property firm

Posted on December 17, 2012 11:38:31 PM [ BusinessWorld Online ]
LISTED Megawide Construction Corp. has pushed through with its plan to acquire the real estate company that owns the lot on which its manufacturing facility stands, the contractor said in a disclosure yesterday.
“Megawide signed a memorandum of agreement for the acquisition of 100% of the total issued and outstanding capital stock of Altria East Land, Inc. for the price of P53 million and for the assignment to it of all existing shareholders’ advances in the books of Altria in the amount of approximately P252 million,” the disclosure read.
Altria owns a property in the province of Rizal which is being leased by Megawide for its pre-cast manufacturing complex, according to the disclosure.
Megawide informed the Philippines Stock Exchange (PSE) about its intention to buy Altria in November last year.
Megawide, which counts the SM Group as one if its clients, was incorporated in July 2004 to primarily engage in general construction, including expansion and repairs, involving residential structures and other buildings, roads, plants, bridges, piers, waterworks and railroads, according to PSE’s Web site.
The company’s consortium with Citicore Holdings Investment, Inc., is one of the two groups that won the contract for the P16.42-billion first phase of the government’s Public-Private Partnership (PPP) for School Infrastructure Project in September.
The company early this month signed a loan agreement with PNB Capital & Investment Corp. for seven-year, fixed-rate corporate notes worth P6.5 billion to bankroll the PPP project.
The company’s grew its net profit by 77.36% to P633.50 million as of September from P357.18 million in the same nine months last year on higher revenues from new contracts.
Shares of Megawide added two centavos or 0.12% to P16.92 apiec yesterday from P16.90 apiece on Friday. -- CHCV
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