MEGAWIDE Construction Corporation has spent a total of P110.5 million as of March 31 this year, taken from the net proceeds of its P4-billion preferred share issue in 2014, to pursue a proposal to design, build, operate and maintain six regional airports in the Philippines. In May 2017, the government terminated the plan to bid out the project to private sectors. “As of March 31, 2018, P110.5-million from the preferred shares net proceeds were released and used for this purpose.” it added. In 2014, the company issued 40 million perpetual preferred shares, generating net proceeds of P3.9 billion to be used for public-private partnership projects, development of renewable energy projects and bid preparation and preliminary works for PPP projects that Megawide would bid for. a regional prison facilities, the Southwest Integrated Transport System, and a public school infrastructure project phase 2.
Source: Manila Times April 16, 2018 16:18 UTC