Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...


In the wake of Covid-19, people are working harder than ever. While many of us thought productivity may dip when we started working from...


Few individuals can resist the temptation to try before they buy; therefore, it was only a matter of time until online casinos realized this...


At a time when the world is battling to get through the dreaded coronavirus pandemic, protective face masks have come out to be the...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.