C05404-2016

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Sep 19, 2016
2. SEC Identification Number
CS200411461
3. BIR Tax Identification No.
232-715-069-000
4. Exact name of issuer as specified in its charter
Megawide Construction Corporation
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
2/F Spring Bldg. Arnaiz Ave. cor. P. Burgos St., Pasay City, Metro Manila Postal Code 1300
8. Issuer's telephone number, including area code
655-1111
9. Former name or former address, if changed since last report
Not applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 1,988,577,497
Preferred 40,000,000
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Megawide Construction CorporationMWIDE

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Megawide planning to sell shares
Source The Standard (Internet Edition)
Subject of News Report Megawide planning to sell shares
Date of Publication Sep 18, 2016
Clarification of News Report

This is to clarify the news article entitled “Megawide planning to sell shares” posted in The Standard (Internet Edition) on September 18, 2016. The article reported in part that:

“Infrastructure company Megawide Construction Corp. plans to re-issue via private placement the 410.842 million shares it bought back from the Sy family, an executive said over the weekend.

The share sale could raise up to P6.12 billion in proceeds based on Megawide’s closing price of P14.90 Friday. This will enable the company to register a P2-billion gain from the P4.12 billion it spent when it purchased the shares from the Sy family in July.

Megawide chief finance officer Oliver Tan said in an interview following the company’s annual shareholders meeting the share sale could happen within the year, depending on market conditions.

Tan said the re-issuance of shares aimed to expand the company’s investor base and improve the liquidity of the stock.

The company prefers to conduct the sale through private placement instead of public offering because of the regulatory process that needed to be accomplished before it could conduct the share sale.

. . . .”

We confirm that Megawide Construction Corporation (Megawide) plans to re-issue via private placement the 410.842 million shares it bought back from the Sy family.

We confirm that the share sale could raise up to P6.12 billion in proceeds based on Megawide’s closing price of P14.90 on Friday.

However, we clarify that Megawide did not issue the following pronouncement:

“This will enable the company to register a P2-billion gain from the P4.12 billion it spent when it purchased the shares from the Sy family in July.”

Please note that the closing price of P14.90 can be accessed by the public through the Exchange’s website. Also, the supposed “P2-billion gain” can be easily computed based on Megawide’s disclosure dated August 1, 2016 which shows the number of shares repurchased and the buy-back price per share.

We also confirm the Chief Financial Officer, Mr. Oliver Tan’s statements that:

1. the share sale could happen within the year, depending on market conditions;
2. the re-issuance of shares is aimed to expand Megawide’s investor base and improve the liquidity of Megawide’s shares of stock; and
3. Megawide prefers to conduct the sale of the shares through private placement instead of public offering because of the regulatory process that needed to be accomplished before it could conduct the share sale.

Please be advised that there are no definitive decisions made in connection with the re-issuance of the shares. Once a decision has been made, disclosure shall be made immediately.

This disclosure is also in connection with our previous disclosures dated August 2 and 8, 2016 that Megawide plans to re-issue the shares to expand its shareholder base.

We trust that the foregoing is sufficiently helpful to you. Please do not hesitate to call us should you have any further questions.

Thank you.
Other Relevant Information

None
Filed on behalf by:
Name Joyce Briones
Designation Assistant Corporate Secretary, Compliance Officer and Corporate Information Officer