SAAVEDRA-LED Megawide Construction Corp. has named Isla Lipana & Co., the Philippine partner of PricewaterhouseCoopers (PwC), its new independent auditor effective Dec. 1.
The company’s board of directors approved the engagement of PwC-Isla Lipana as the independent auditor during a special meeting on Nov. 25, Megawide said in a stock exchange disclosure on Tuesday.
PwC Isla Lipana is replacing Punongbayan & Araullo as the building company’s external auditor.
Megawide said that PwC-Isla Lipana’s appointment would be submitted for stockholders’ approval during a special meeting on Dec. 10.
“The inclusion of the above matter in the Dec. 10 special stockholders meeting will be subject to the approval by the Markets and Securities Regulation department of the Securities and Exchange Commission,” Megawide said.
In the first nine months, Megawide’s net income rose 69% to P562 million from a year earlier as revenue climbed 7.2% to P16.3 billion.
Operating profit grew 26% to P1.98 billion, while consolidated earnings before interest, taxes, depreciation and amortization rose 29% to P3.65 billion.
The construction segment accounted for P15.5 billion or 96% of consolidated revenues, amid increased economic activities and the government’s infrastructure buildup.
Megawide is a private partner for public infrastructure projects such as the public private partnership for school infrastructure project phases 1 and 2, the multiyear developments of Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange, as well as the construction of Clark International Airport.
Megawide shares were last traded on Nov. 25 at P2.53 each. — Revin Mikhael D. Ochave
