This is with reference to Megawide Construction Corporation’s (“MWIDE” or the “Company”) disclosures under Company Announcement Nos. C05229-2023 and C05230-2023 both dated July 5, 2023. In the said disclosure, the Company disclosed that its Board of Directors approved the acquisition of 100% of the outstanding capital stock of PH1 World Developers Inc. for the purchase price of Php5,200,000,000.00.
After a careful review of the disclosure submitted by the Company, the Exchange deems that the foregoing transaction is covered by the Rule on Disclosure for Substantial Acquisitions and Reverse Takeovers (the “Substantial Acquisition Rule”) under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the Exchange.
Pursuant to Substantial Acquisition Rule, the trading of MWIDE securities will be suspended effective at 9:25 a.m. today, July 5, 2023, pending submission by the Company of the requisite comprehensive disclosure.
The Exchange will inform the Trading Participants and the investing public of further developments on the matter.
For your information and guidance. |
NOTICE