<article>Philippine-listed <a style="color: #000080;" href="http://www.megawide.com.ph" target="_blank">Megawide Construction Corp</a> has acquired Citicore Power Inc, and now plans to diversify its core business, adding stakes in renewable energy, property, and airports.</article>

Philippine-listed <a style="color: #000080;" href="http://www.megawide.com.ph" target="_blank">Megawide Construction Corp</a> has acquired Citicore Power Inc, and now plans to diversify its core business, adding stakes in renewable energy, property, and airports.
With a commitment to produce 1000 Megawatts (MW) of clean energy, Citicore Power will tap renewable energy sources such as solar, biomass, wind, and hydropower. It currently operates three solar power projects in the provinces of Bataan, Negros Occidental and Cebu. These three facilities account for more than one hundred megawatts going into the national grid.
Megawide disclosed that its board of directors have entered into a share buy-back agreement with Sybase Equity Investments Corp wherein it bought 410,842,702 shares from Sybase, representing 17 per cent total issued and outstanding shares as of Saturday. The shares were acquired during Megawide&#8217;s Initial Public Offering in 2011.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/filipino-cos-form-jv-to-invest-600m-in-solar-power-projects-in-sea-6798/" target="_blank">Filipino cos form JV to invest $600m in solar power projects in SEA</a>
Megawide&#8217;s chief financial officer Oliver Tan unveiled a five-year diversification plan that will transform the company from a construction and engineering firm into a fully diversified infrastructure conglomerate.
&#8220;We set out with our five year plan in 2011. The IPO was set up with the vision to transition from pure construction to a well diversified infrastructure and engineering conglomerate. Now we have achieved that, we want to pursue stronger, wider-ranging recurring sources of revenue,&#8221; Tan said.
Megawide&#8217;s four core businesses under the new structure include construction, airport operation, transport, and power generation with a focus on renewable energy.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/ph-dealbook-aboitiz-renewables-acquires-biomass-power-firm-aseagas-for-12-8m-san-miguel-takes-over-mrt-7-for-100m-46668/" target="_blank">PH Dealbook: Aboitiz buys Aseagas for $13m, San Miguel picks MRT 7 for $100m</a>
In 2015, construction contributed 66 per cent of total income, with the airport business bringing in 34 per cent.
Megawide CEO Michael Cosiquien touted the latest developments as a &#8220;natural progression&#8221; and aims to advance the company further. &#8220;Megawide is already at its prime as a construction company. More than ever, it is capable of providing the most basic and one of the important components of these businesses, and that is EPC,&#8221; Cosiquien said.
Megawide officially acquired the concession to operate <a style="color: #000080;" href="http://www.mciaa.gov.ph" target="_blank">Mactan Cebu International Airport (MCIA)</a> in 2014. The 25-year Build-Operate-Transfer contract includes the renovation of all landside facilities and the construction of a second passenger terminal.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/singapores-equis-fund-opens-se-asias-largest-solar-project-philippines-33125/" target="_blank">Singapore’s Equis Fund opens SE Asia’s largest solar project in Philippines</a>
Earlier this year, Megawide reported the first full-year revenues of subsidiary <a style="color: #000080;" href="http://gmrgroup.in/mactan-cebu.aspx" target="_blank">GMR-Megawide Cebu Airport Corporation (GMCAC)</a> at $22.4 million (P1.48 billion).
Transport and energy are the newest assets in the Megawide group. The Southwest Integrated Transport Terminal (SWITS) is positioned as Megawide’s entry into the progressive property sector. SWITS is expected to bring in a mix of transportation infrastructure supported by mixed-use retail and commercial recurring revenues. The 35-year Build-Transfer-Operate contract was signed in 2015.
&#8220;We remain bullish and hopeful in this current track and look forward to contributing to a stronger economy for the country,&#8221;Cosiquien said.
Megawide last traded at P11.12 per share.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/adb-backs-225m-first-asian-climate-bond-deal-in-philippines-32637/" target="_blank">ADB-AboitizPower ink $225m landmark Asian climate bond deal for Philippine energy project</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-san-miguel-mpic-mull-10b-airport-joint-venture-44350/" target="_blank">Philippines: San Miguel, MPIC mull $10b airport joint venture</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-pldt-globe-acquire-50-each-of-san-miguels-telco-assets-42583/" target="_blank">Philippines: PLDT, Globe acquire 50% each of San Miguel’s telco assets</a>span&gt;

Philippine-listed Megawide Construction Corp has acquired Citicore Power Inc, and now plans to diversify its core business.

Philippines: Megawide buys Citicore Power, diversifies business

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Philippines: Megawide buys Citicore Power, diversifies business

Continue reading this premium story with a subscription to DealStreetAsia.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief