MEGAWIDE Construction Corp. recently accepted on Monday a proposal aimed at raising its allowed capital stock of preferred securities by its Board of Directors.
In a Bursary Disclosure, Megawide said that its Board voted to raise its collective, nonvoting, non-participating, non-convertible, permanent favored acts by 26 million to a total of 150 million.
This move would raise the overall capital stock of the firm to P5.08 billion.
The Board also decided to recognize 25% or 6,5 million preferred share of the raise from the subscription of Citicore Holdings Investment, Inc. The holding company invests by its branches in green energy ventures.
The Special Meeting of the approved stock capital increase of preferred shares will be held on 11 May.
Furthermore, by means of a public offering or a private placement deal, they decided to sell up to 40 million preferred securities. It consists of “a subseries or more, from a non-approved stock of authorized money,” Megawide said.
Also on Monday its Board of Directors reported that its preferred shares “Series 2A and 2B” of November last year accepted a reallocation of sales usage (P5.24 billion).
As of January 18, the remaining sales balance stood at P4.11 billion.
Initially, Megawide expected to use P1.22 billion of the reconstruction income from Ninoy Aqino International Airport but removed the initial proponent position of Manila International Airport Authority on Dec. 15.
The sum is to be used for their ongoing ventures, including construction of the multi-purpose Mactan Cebu International Airport, the development of lot 2 of the Integrated Terminal Exchange of Parañaque and other landport sites, as well as the development of the Integrated Logistics Hub of Cebu.
The organization said it will extend the reach of such ventures.
Megawide said the reassignment in the usage of revenues will take effect “not before 30 March 2021.”