Megawide bags contracts for 2 high-rise Megaworld projects
Megawide Construction Corp. has bagged two new “multibillion-peso” infrastructure deals with developer Megaworld Corp., which seeks to expand its township empire.
Edgar Saavedra-led Megawide on Wednesday said the contracts cover civil, structural and architectural work at Uptown Modern in Taguig City and One Portwood in Pasay City.
Uptown Modern will expand the existing high-rise residential towers in Uptown Bonifacio. One Portwood is another residential condominium rising in Newport City across Ninoy Aquino International Airport.
Saavedra, who is Megawide president and CEO, said in a statement that Megaworld has been their long-standing client.
“Our partnership with them is built on the shared pursuit of sustainability, excellence and speed-to-market, which have defined both our organizations’ brand and track record,” he said.
Megawide noted that its new deals with Megaworld form part of the P20 billion worth of contracts it had been negotiating to bring its order book to P50 billion by the end of the year.
Its other clients include San Miguel Corp. subsidiary Trans Aire Development Holdings Corp., DoubleDragon Corp., 8990 Holdings Inc. and Citicore Power Inc.
In the first semester, Megawide’s net income was flat at P436 million. This was mostly because of less activity in its construction segment.
Still, Saavedra said they are on track to outpace their 2024 net income. The real estate business under PH1 World Developers Inc. is gaining momentum.
Megawide is likewise set to raise P3 billion from its upcoming preferred share offer. The Securities and Exchange Commission has just recently approved this.
Proceeds from the offer will be used to repay Megawide’s existing debt, partially fund upcoming projects and general corporate purposes.
The offer period will run from Oct. 30 to Nov. 10. The shares will be listed on the main board of the Philippine Stock Exchange on Nov. 19.
This represents Megawide’s second follow-on offer this year after raising P5.3 billion in April.
