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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