Megawide Construction Corp., a major construction company in the Philippines, has successfully sold its shares in another company called Citicore Renewable Energy Corp. (CREC). Think of it like selling a toy collection you own to get money for something else you need.

The sale was completed on June 26, 2026, and involved selling over 1 billion CREC shares, which represented a 9% ownership stake in the renewable energy company. From this sale, Megawide collected approximately Php4.5 billion.

Why Did Megawide Sell These Shares?

According to Edgar Saavedra from Megawide, the company sold these shares for two main reasons. First, they wanted to turn their investment into cash while also finding a good new partner for CREC. Second, they needed the money to grow their precast business (a type of construction method) and to pay off debts they owe.

Megawide’s Plan to Reduce Debt

Megawide has been working on reducing the money it owes, similar to how a family might pay off loans to have less financial stress. The company explained that by paying off debts, they can save money on interest payments – which is like the extra fee you pay when you borrow money.

According to their announcement, Megawide has already paid off Php6.0 billion worth of debt. This brought their short-term debt down to Php12.0 billion by the end of March 2026. They expect this number to drop further to around Php10 billion by the end of June 2026.

By reducing their debt, the company estimates they will save between Php250-300 million every year on interest expenses – money they would have otherwise had to pay to lenders.

About Megawide Construction Corp.

Megawide is one of the leading construction and infrastructure companies in the Philippines. The company has been publicly listed on the Philippine Stock Exchange since 2011, which means anyone can buy shares of the company.

Megawide is known for working with the Philippine Government on major projects like building schools, developing the Mactan-Cebu International Airport, the Parañaque Integrated Terminal Exchange, and constructing Clark International Airport. The company also runs the Megawide Corporate Foundation, Inc., which focuses on helping communities through social development projects.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.