MEGAWIDE Construction Corp. will redirect P1.23 billion in unutilized proceeds from its 2022 bond issuance to housing projects under the government’s Pambansang Pabahay Para sa Pilipino (4PH) program.
In a disclosure, Megawide said its board approved on Friday the reallocation of P1.23 billion from Series A and B fixed-rate bonds issued in 2022, which raised P4.0 billion for the Edgar Saavedra-led company.
It said the funds were originally allocated for transport-centric development projects but would now be redirected to eligible projects under the 4PH housing program.
The reallocation aims to optimize the use of the remaining bond proceeds by redirecting funds to projects with more immediate funding requirements, while supporting the company’s long-term growth objectives and corporate social responsibility initiatives.
Shares of Megawide on Friday added P0.05, or 0.95 percent, to close at P5.29 each, amid a 1.62-percent rise for the benchmark Philippine Stock Exchange index.
