SunStar Megawide Construction realigns budget, after losing NAIA rehab
WORLD-CLASS PROJECT. Photo shows the planned seven-hectare property redevelopment project of Megawide Construction Corp. and the Cebu City Government, which includes the rehabilitation of Carbon Public Market. The five-year project begins in 2021.(SunStar file)
+ March 01, 2021 AFTER losing its original proponent status (OPS) for the rehabilitation of the Ninoy Aquino International Airport (NAIA), Megawide Construction Corp. has decided to reallocate its budget to finance other projects in the country, including those in Cebu.
On Nov. 26, 2020, the company raised P4.3 billion through its Series 2A and Series 2B preferred shares offering which were almost 1.5 times oversubscribed from the base offer of P3 billion. The proceeds, the firm said, would be used to support its infrastructure projects including its proposal to rehabilitate and transform the NAIA.