Megawide to acquire PH1 World for P5.2B

By Ed Paolo Salting | The Manila Times
July 06, 2023

MEGAWIDE Construction Corp. is set to acquire PH1 World Developers Inc. for P5.2 billion following board approval of the purchase on Tuesday.

The transaction will be presented to stockholders for approval on July 12, 2023.

“On July 4, 2023, the board of directors of the company approved the acquisition of 100 percent of the outstanding capital stock of PH1 World Developers Inc. from Citicore Holdings Investments Inc.,” Megawide said in a disclosure.

“[O]ne of the items on the agenda for the 2023 annual stockholders’ meeting will be the approval of the stockholders of this acquisition,” Megawide added.

The purchase price for the acquisition of 579,457,844 common shares will be P5.2 billion, it said.

“Based on the fairness opinion report issued by FTI Consulting Philippines Inc. on this transaction, the purchase price is fair from a financial point of view,” Megawide added.

PH1 World was described as a real estate developer that aims to disrupt property development conventions through innovation and engineering technology.

Some of its ongoing projects include the Hive Residences and Modan Lofts, Ortigas Hills in Taytay, Rizal; My Enso Lofts in Timog Avenue, Quezon City; and unspecified developments in Pasig City, Clark, Pampanga; San Jose del Monte, Bulacan; and in Trece Martires, Cavite.

Megawide’s trading was suspended on Wednesday in light of the purchase. It closed at P3.29 on Tuesday.