The company eyes to diversify beyond its core construction and infrastructure ventures.
In a disclosure to the Philippine Stock Exchange on Thursday, July 13, 2023, Megawide announced its shareholders approved the acquisition of 100 percent of PH1 from CHII during its annual stockholders’ meeting on July 12.
“The move is a natural progression of our construction and engineering unit into higher value-generating businesses and gives more momentum to our forward integration initiatives within the Group,” said Megawide chairman and chief executive officer Edgar Saavedra, noting that progressing into higher value-added businesses has always been part of Megawide’s growth strategy when it started as a construction firm over two decades ago and diversifying into infrastructure development.
Megawide cites its public-private partnership projects such as the Mactan-Cebu International Airport and Parañaque Integrated Terminal Exchange, which “unlocked other revenue streams that generated greater value for the company on top of construction.” (CSL)