*on buyback* Megawide Construction Corp.

...buyback na din sila

Megawide approves P2-B share buyback program

MEGAWIDE Construction Corp. on Monday said it will be buying back P2 billion worth of shares from the stock exchange in the next two years.

In a disclosure to the stock exchange, the diversified engineering conglomerate said its board of directors approved the share buyback program as it believes the shares have been “grossly undervalued.”

“Amid the volatility in the stock market, the Company’s management and board believe it is an opportune time to repurchase its own shares, which have been grossly undervalued following the overall market weakness,” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra was quoted as saying.

He noted the share buyback program is a “sign of confidence in the company’s long-term growth prospects and a means to enhance shareholder value.”

Shares in Megawide closed at P15.94 each on Monday, 2.84% or 44 centavos higher from the previous session. The company’s stocks recorded a 52-week high of P25 apiece, and a 52-week low of P15.30 each.

The Megawide board also approved the declaration of cash dividends, equivalent to 20% of the company’s net income in 2017, totalling P247 million or P0.12 each.

The cash dividends will be payable to shareholders on record as of Oct. 15, 2018, and payable on Nov. 12, 2018.

Meanwhile, the company is set to open the Parañaque Integrated Terminal Exchange (PITX) in the fourth quarter of 2018.

“This will be the country’s first landport, which will have numerous transport connections serving passengers from the southwest of Metro Manila while helping to address the worsening problem of traffic congestion,” Mr. Saavedra said.

He said the company will undertake new private sector engineering, procurement and construction (EPC) contracts in the fourth quarter.

“We have a strong balance sheet and robust cash generation to support these programs while sustaining its immediate and future capital expenditure plans,” Mr. Saavedra said.

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Megawide poised to launch Parañaque transport terminal in November

MEGAWIDE CONSTRUCTION Corp. is launching next month the Parañaque Integrated Terminal Exchange (PITX), a “landport” for passengers from the south going to Metro Manila.

“We will be on soft opening this October with full operations scheduled this November. We are working closely with the DoTr and affiliated agencies such as the LTFRB to ensure that we are ready,” Megawide subsidiary MWM Terminals, Inc. President Manuel Louie B. Ferrer said in a statement over the weekend.

MWM Terminals, a consortium of Megawide and WM Property Management, Inc., won the 35-year concession period to build and operate the PITX in 2015.

The P2.5-billion terminal located beside the old Coastal Mall in Parañaque City is expected to improve passenger movement by connecting buses, taxis, jeepneys, and in the future, the Light Rail Transit Line 1 (LRT-1) South Extension, in one portal.

“Our goal is to deliver hassle-free transfers between multiple modes of transportation in PITX. Many of our technologies are being used for the first time in a bus terminal setting in the country,” Mr. Ferrer added.

Once fully operational, the PITX is expected to receive an average foot traffic of 100,000 a day, but total capacity is at 200,000 passengers daily.

Megawide said the PITX has approximately 12,000-square meter (sq.m.) leasable space inside the building, which will be available to tenants by December. It will also lease four 17,900-sq.m. towers for interested tenants starting next year.

The PITX is a three-storey building that will feature departure bays for buses, jeepneys and taxis on the first floor, an arrival bay for buses on the second floor, and private car parking facilities, action utility vehicles (AUV) bays, and a link to the future LRT-1 South Extension on the third floor. 

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