Megawide preferred shares Series 4 listed

The 40 million preferred shares that Megawide [MWIDE 6.10 0.49%] sold for P100/share finally listed under the ticker symbol “MWP4” on Friday. The shares traded over P6 million in value on the first day, briefly reaching P102/share, before closing unchanged at P100/share.

MB BOTTOM-LINE

Not much to say here, just noting the listing to close the loop! Congrats to MWIDE for raising the P4 billion, and for the full subscription of all the shares including the oversubscription allotment.

MWIDE will use the proceeds to redeem its Series 1 prefs soon to avoid triggering step-up provisions that would dramatically increase MWIDE’s dividend obligations on those shares.

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