By Arjay L. Balinbin, Senior Reporter
MEGAWIDE Construction Corp. on Monday said it is increasing the capacity of its ancillary business units, as it aims to take advantage of the opportunities brought by the government’s ongoing “Build, Build, Build” program.
“Our ancillary businesses are mainly innovative construction technologies like precast, cement batching, formworks, and construction equipment and logistics,” Megawide Corporate Communications Officer Anna Karenina M. Salgado told BusinessWorld in a phone message.
The company said in an e-mailed statement: “Megawide is… increasing the capacity of its ancillary business units under its engineering, procurement, and construction (EPC) platform to complement its… pre-cast technology.”
Megawide noted the government’s infrastructure projects, including the Malolos-Clark Railway Project, the North-South Commuter Rail Project-South Line, and the Subway System Project, “opened up opportunities and will be the driving force for its infrastructure pivot.”
“For precast, we’re adding to its production capacity, especially since it has been highly adaptable to new normal engineering requirements. This will also entail an increased capacity for our batching plant, which provides the primary ingredient for the precast products. Other businesses like formworks and specialized handling will enable us to increase efficiencies and perfect our services,” it said.
The company announced recently that it would be reallocating the use of proceeds from its P4.4-billion issuance of series 2 preferred shares last year.
It said the P1.2-billion allotment for the Ninoy Aquino International Airport Rehabilitation project would be rechanneled to the expanded scope of its existing projects.
Megawide shares closed 7.004% lower at P6.24 apiece on Monday.