The government-run pension fund increased its investment in the listed builder, which is expanding its portfolio of affordable housing, transport hubs, and major rail projects.
The Government Service Insurance System (GSIS) is increasing its bet on Megawide Construction Corp., signaling confidence in the builder’s expanding portfolio of housing and infrastructure projects.
Megawide announced that GSIS raised its stake in the company to 9.5% after acquiring 111,941,350 common shares, currently valued at ₱453.4 million based on the July 21 closing price of ₱4.05.
The government-run pension fund now holds a total of 191,711,295 common shares. Megawide said in a July 22 statement that the shares were acquired through block transactions.
Megawide has expanded its portfolio of government-backed projects over the past year to include major transport hubs and affordable housing.
The company has committed to delivering 10,000 housing units a year over the next five years under a partnership with the state-backed PAG-IBIG Fund, and is already constructing 7,000 units under the 4PH affordable housing program.
Megawide is also building integrated bus ports in Baguio City and Cavite in partnership with the respective local governments, as well as segments of the Metro Manila Subway and the North-South Commuter Railway.
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