Philippine construction and engineering group Megawide Construction Corp. has obtained the approval of the Philippines Securities and Exchange Commission (SEC) to execute a P7 billion (US$155.6 million) preferred shares offering.

Megawide Construction Corp. will offer 40 million non-voting perpetual preferred shares at a maximum price of P100 (US$2.22) per share, with an oversubscription option for up to an additional 30 million shares.

The preferred shares will be listed on the Philippine Stock Exchange (PSE).

BDO Capital, BPI Capital, First Metro Investment Corp. and Standard Chartered Bank were tapped as joint underwriters for the offer, each of them has firmly committed to underwrite P1 billion.

Megawide Construction Corp. plans to use the process form the offering to fund various infrastructure projects which Megawide bagged under the public-private partnership program, including:

• Mactan - Cebu International Airport New passenger terminal PPP project;
• PPP for School Infrastructure Project (PSIP) in Philippines;
• PPP for School Infrastructure Project (PSIP) Phase II;
• Philippine Orthopedic Center (POC) PPP project.

According to Megawide Construction Corp., it will continue to bid for other infrastructure projects under the PPP scheme. The company has also plans to execute a portfolio of 200 MW of power generation assets during the next three years.