Edgar Saavedra's Megawide Success

"Kulang ako sa experience, so I asked around, outside the Philippines..." 

In Bilyonaryo's interview with the young billionaire, Megawide's top honcho Edgar Saavedra shares how he asked help abroad and upscaled his business with investments in technology, innovation, and people. The self-made engineer, who prides in starting his business with no connections and less capital, credits his success to being focused and delivering quality, first-world standard projects.

He was able to participate in numerous PPP programs during PNoy's time, including PITX under a Build-Operate-Transfer at no cost to the government. One of his big breaks came when he was asked by Henry "Big Boy" Sy Jr to be a part of SMDCs real estate expansion plan. 

Notable projects in Cebu: Mactan-Cebu International Airport, Carbon Market.

On a side note, if PPP was continued, the government could have avoided the massive debt it has incurred during Pres Duterte's BBB program which was riddled with onerous loans, kickbacks, and credit grabbing.

rb28

Read More

CREIT Q1 profit surges 12 times on hefty rental earnings

 

Megawide affiliate Citicore Energy REIT Corp. (CREIT) reported a net income of P300 million from January to March, a 12-fold jump from the same period last year.

The country’s first energy REIT said iit began to realize rental income from its renewable assets leased out to solar plant operators during the period.

Gross revenues soared 470 percent to P332 million, largely comprising lease income from various solar plant companies. EBITDA jumped 49 percent to P322 million.

“With an established list of tenants operating in a cycle-resilient industry, CREIT is optimistic in generating recurring green sources of lease revenues, translating to increasing distributable income and attractive dividend yields to our shareholders,” said Oliver Y. Tan, CREIT president and CEO.

Citicore’s aggressive growth pipeline and commitment to support CREIT over the long-term is expected to sustain and even surpass the company’s first quarter performance, Tan said.

He said CREIT would continue beefing up its current asset portfolio to hit its goal of 1,500 megawatts by 2025.

SOURCE:Bilyonaryo

Read More

CREIT: PH’s first energy REIT gets greenlight from PSE to proceed with P10B IPO

Megawide Construction Corp.’s sister company Citicore Energy REIT Corp. (CREIT) has received approval from the Philippine Stock Exchange’s listing committee, clearing the last major hurdle for its initial public offering.

Led by its president and CEO Oliver Tan, CREIT aims to raise as much as P10.1 billion from an offering of up to 1.047 billion primary shares and 1.742 billion secondary shares at a maximum price of P3.15 per share. The company has also set aside 418.34 million shares to cover the overallotment option in case of strong demand.

The final offer price will be known on January 26 while the offering has been scheduled on February 2 to 8 with the listing tentatively set for February 17.

Tan said CREIT has a unique value differentiation, with a green asset portfolio anchored on investing in and for the future.

“This business model, we believe, is cycle-resistant as solar power generation is an essential industry, further supported by government programs, and has a clear plan for long-term growth. With the search for attractive returns, alongside a strong and effective ESG advocacy as criteria for a sound market investment, CREIT comes in as a practical alternative,” Tan said.

Proceeds from the IPO will be used to acquire properties in Bulacan and South Cotabato, which will be leased to solar power plants of Citicore subsidiaries.

 Citicore Group is looking at building 1,500 megawatts of solar power capacity in the next five years.

Unicapital Inc. and BDO Capital & Investment Corp. are the joint global coordinators for CREIT’s IPO.

Unicapital is lead underwriter and issue manager while BDO Capital will serve as lead local underwriter alongside PNB Capital and Investment Corp..

CIMB Investment Bank Bhd and CLSA Ltd., meanwhile, have been tapped as international bookrunners for the issue.

SOURCE: Bilyonaryo

Read More