Megawide board OK’s capital hike to P5.12 billion

MEGAWIDE Construction Corp. announced on Monday that its board of directors recently approved an increase in the company’s authorized capital stock to P5.12 billion from P5.08 billion currently.

The authorized capital stock of preferred shares will increase to 186 million from 150 million, the company told the stock exchange.

“The increase in authorized capital stock will allow the company to issue an additional 36 million cumulative, non-voting, non-participating, non-convertible, perpetual preferred shares with the par value of P1 per share,” Megawide noted.

The board of directors approved the resolution on Nov. 4, according to the company.

At the same time, the board approved the “authority to accept the subscription of Citicore Holdings Investment, Inc. to 25% of such increase in the authorized capital stock of preferred shares, or nine million preferred shares.”

It likewise approved the resolution to offer and sell up to 26.22 million preferred shares by way of public offering or private placement transaction, consisting of one or more sub-series, from the unissued authorized capital stock of the company.

There will be a special stockholders’ meeting on Dec. 20 for the approval of the said increase in authorized capital stock and offer of preferred shares, the consequent amendment of the company’s articles of incorporation, and the election of an independent director, Megawide said. — Arjay L. Balinbin