July 11, 2014 3:48 PM ET

Household Durables

Company Overview of Megawide Construction Corporation

Company Overview

Megawide Construction Corporation engages in the general construction business in Philippines. The company is involved in constructing, enlarging, repairing, or engaging in various works upon buildings, houses and condominium, roads, plants, bridges, piers, waterworks, railroads, and other structures, as well as owning, using, improving, and developing various kinds of real estate. It also undertakes general construction works, such as site development, earth works, structural and civil works, masonry works, architectural finishes, electrical works, plumbing and sanitary works, fire protection works, and mechanical works. Megawide Construction Corporation was founded in 1997 and is headquart...

20 N. Domingo Street

Barangay Valencia

Quezon City,  1112

Philippines

Founded in 1997

Phone:

63 2 655 1111

Key Executives for Megawide Construction Corporation

Megawide Construction Corporation does not have any Key Executives recorded.

Megawide Construction Corporation Key Developments

Megawide Construction Seeks To Raise Funds

Megawide Construction Corporation (PSE:MWIDE) is planning to raise about PHP 5 billion toward the end of the year of 2014 to finance its diversification plans. Megawide Chief Financial Officer Oliver Tan told reporters last week that the company was mulling over a potential share sale in the latter part of 2014 although he did not rule out tapping the debt market anew. “We are beefing up our balance sheet in preparation for other PPP projects in the pipeline. So there is a need to expand our equity base. It will allow the company to participate in different big ticket items,” Tan said. The fresh funding was needed as Megawide said it would participate in new infrastructure projects the government was planning under its cornerstone PPP program. Megawide has already signaled plans to pursue an equity offer, as it sought shareholder approval to increase its authorized capital from P2 billion to P5 billion, from which it plans to create preferred shares. “This is just to give us flexibility [in fundraising],” Tan said. With new income streams apart from traditional construction, Megawide would double profits last year to about P2.8 billion by 2017, he explained.

Megawide Construction Corporation Announces Amendments to Articles of Incorporation

Megawide Construction Corporation announced that its stockholders at the annual stockholders meeting held on June 30, 2014 approved amendment of Articles of Incorporation and By-Laws to include the power to extend corporate guarantees to subsidiaries and affiliates for business purposes; and the authority of the Corporate Secretary to file the necessary application for amendment of Articles of Incorporation and By-Laws with the Securities and Exchange Commission; 6. Amendment of Article Seventh of the Articles of Incorporation to increase the authorized capital stock from PHP 2 Billion to PHP 5 Billion consisting of 5 Billion shares with a par value of PHP 1.00 each and declaration of stock dividends of 750,000,000 common shares of stock with a par value of PHP 1.00 each to be taken from the unrestricted retained earnings of Megawide as of December 31, 2013. The stockholders also approved amendment of the Articles of Incorporation and By-Laws to create preferred shares to be taken from the increase in authorized capital stock, subject To Approve the Securities and Exchange Commission and to authorize the Board of Directors and Management to determine the features, terms and conditions of the preferred shares.

Megawide Construction Corporation Enters into an Agreement with Philcarbon Inc

Megawide Construction Corporation announced that it entered into an Agreement with PhilCarbon Inc. to develop a portfolio of renewable energy projects ranging from biomass, wind, hyrdo, solar and geothermal.

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