Diversified infrastructure conglomerate Megawide Construction Corp has raised up to $45.3 million (P2.2 billion) at the start of its treasury shares programme on Friday achieving its targeted results. Megawide informed the Philippine Stock Exchange that it sold 150 million common shares priced at P14.90 per share. Settlement is expected to be made on November 4, 2016. CLSA Limited acted as sole global coordinator and sole bookrunner, while First Metro Investment Corp served as domestic manager for the offer and sale of the Megawide common shares. “The proceeds of the placement will be used for partial repayment of the bridge loan availed for the purchase of Megawide common shares from Sybase Equity Investments,” the company said, in its statement. Also Read: Philippines: Megawide buys Citicore Power, diversifies business Megawide last July entered into a share buy-back agreement with Sybase buying more than 410 million shares, representing 17 per cent total issued and outstanding shares. The shares were acquired during Megawide’s Initial Public Offering (IPO) in 2011. Currently building on its credential as an infrastructure developer, Megawide in the past months has been adding stakes in renewable energy (RE), property, and airports, diversifying its core business. Megawide fully acquired last July Citicore [...]