Philippine contractor, MEGAWIDE Construction Corporation, has said today it has successfully raised around US$58 million (P2.4 billion) in an overnight equity placement to fund construction and infrastructure projects and for general working capital purposes.

CLSA Limited and First Metro Investments Corporation were the Placement Agents in the sale of shares.

The firm said it has sold 118.73 million shares representing the 9.36% held by its major shareholder Citicore Holdings Investments, Inc. The sale was at a price of P20 per share, 10.71% discount from Monday's price. Citicore Holdings has reduced its stake in the company from 62.7% to 56.8%.

Megawide is actively participating in the government's PPP program. Its partnership with Citicore Holdings bagged one of the PPP School Infrastructure Project Phase I in September last year.

Its two other consortia have qualified to bid for the project to expand and operate Mactan Cebu International Airport and for the automated fare collection system for Metro Manila's railways.

Source: MEGAWIDE