Greenlight & Green Dividends: Megawide’s Series 6 Offer and CREIT’s Record Payout

Megawide Construction Corp. and Citicore Energy REIT Corp. (CREIT) have simultaneously made headlines in the Philippine financial market.

Megawide Construction Corp. secures the SEC’s approval for its Series 6 Preferred Shares Offering, marking another milestone in its infrastructure expansion and growth strategy. | Images: Megawide & CREIT

Megawide has secured the greenlight from the Securities and Exchange Commission (SEC) for its Series 6 Preferred Shares Offering, while CREIT, the Philippines’ first and largest renewable energy real estate investment trust, has declared its highest quarterly dividend to date.

These dual milestones highlight the companies’ commitment to innovation, sustainability, and investor confidence, setting the stage for exciting developments ahead.

Megawide Receives Greenlight for Series 6 Preferred Shares

Megawide Construction Corp. (Megawide), one of the Philippines’ most innovative engineering and infrastructure companies, received the Permit to Sell (PTS) for its Series 6 Preferred Shares Offering from the Securities and Exchange Commission (SEC) on March 24, 2025.

With the PTS in hand, the public offer period is set to run from March 26 to April 4, 2025, with a targeted listing date of April 14, 2025.

The Series 6 Preferred Shares fetched dividend rates of 7.6283%, 7.9606%, and 8.2993% for the Series 6A, 6B, and 6C, respectively.

According to Jez dela Cruz, Megawide’s Group Chief Financial Officer, the proceeds from this offer will be utilized to refinance their Series 4 preferred shares, fund growth projects, particularly in real estate, and support general corporate purposes.

Notably, Megawide’s real estate arm, PH1 World Developers, Inc., is currently focusing on high-potential areas like Cavite, where the Cavite Bus Rapid Transit (BRT) Project is under construction to enhance connectivity to Metro Manila.

The Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners for the offering include PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corporation. 

“We are very thankful to the regulatory bodies for giving us the greenlight to proceed with this offering. We are also grateful to the syndicate for working tirelessly, amid prevailing market conditions, to ensure that we complete all the requirements within the prescribed timetable and secure this go signal,” said Edgar Saavedra, Chairman and CEO of Megawide.

As of December 2024, Megawide maintains a healthy construction order book of Php 43.5 billion, underscoring its standing as a key player in the infrastructure sector.

CREIT Declares Highest Quarterly Dividend

Meanwhile, Citicore Energy REIT Corp. (CREIT) announced a cash dividend declaration of Php 0.055 per share for the fourth quarter of 2024, exceeding the Php 0.054 per share dividend declared during the same period last year.

The higher dividend was driven by a 48% increase in variable lease revenues from overperformance in actual versus base generation and higher contract renewal rates.

For the entire year of 2024, CREIT’s total dividend amounted to Php 0.202 per share, the company’s largest single-year cash dividend declaration since its listing in the Philippine Stock Exchange in 2022.

According to Oliver Y. Tan, President and CEO of CREIT, “On its third year of operations, CREIT is proud to declare its highest quarterly dividend to-date. We remain committed to providing investors with a sustainable and attractive dividend-paying investment as we continue to grow the Company’s green asset portfolio.”

CREIT’s sponsor, Citicore Renewable Energy Corp. (CREC), aims to achieve a capacity of 5 gigawatts in five years, with the first gigawatt to be energized by 2025.

CREIT’s unique green asset portfolio, with total landholdings of 7.1 million square meters and 100% occupancy with a weighted average lease expiry of 20.69 years, has been instrumental in consistently declaring above-prescribed dividends since its stock market listing.

A Strong Outlook for Both Companies

Megawide’s ambitious infrastructure projects, particularly in public transport, along with CREIT’s commitment to sustainable growth, highlight a promising future for both companies.

As Megawide continues to expand its footprint in real estate through strategic projects, CREIT remains dedicated to enhancing its renewable energy asset portfolio.

Investors and stakeholders are watching closely as these industry giants continue to make strides in their respective domains, bolstered by strong market confidence and ambitious growth targets.