Megawide Construction Corp. announced it has successfully acquired a significant minority ownership stake in its listed affiliate, Citicore Renewable Energy Corp. (CREC). The strategic investment was executed through a block sale transaction with CREC’s parent company, Citicore Power, Inc. (CPI).
The transaction involved the purchase of 1.1 billion secondary shares of CREC, representing 9.88% of CREC’s total outstanding common stock. Crucially, as the transaction involved secondary shares acquired directly from CPI, it is non-dilutive to existing CREC public and private shareholders, maintaining the current share structure and ownership percentages.
This investment underscores Megawide’s continued confidence in the Philippine renewable energy sector and strengthens the strategic alignment between the two companies. As a leading infrastructure and construction firm, Megawide views this stake as vital to fostering synergy between its core capabilities and CREC’s rapidly expanding renewable energy portfolio.
The acquisition further integrates Megawide into the growth trajectory of CREC, which is a key player in the country’s push towards greater energy independence and decarbonization. The investment is expected to support CREC’s long-term capital expenditure plans and its goal of rapidly expanding its capacity to meet the rising demand for green power.
