By: Krista Angela M. Montealegre, InterAksyon.com November 22, 2013 2:39 PM
MANILA – Megawide Construction Corp is eyeing overseas construction ventures as part of its plan to export its pre-fabricated construction materials.
"We are talking to some firms also....If we win the bid [for pre-cast materials], then tuloy na sa construction," Megawide chief information officer Louie B. Ferrer told reporters today on the sidelines of the Top Leaders Forum.
Megawide is gearing up for the sale of pre-cast concrete products to Singapore in the second quarter of 2014 for its maiden venture outside the Philippines.
"For now, Singapore pa lang. We are joining bids in Singapore," Ferrer said.
Megawide raised P2.29 billion from an initial public offering in 2011, mostly to finance the construction of a world-class pre-cast manufacturing plant in Taytay, Rizal. The factory is operating only at 30 percent capacity.
Megawide expects pre-fab exports to account for a fifth of sales in the next three years.
The supply of pre-cast concrete products is the latest move of the construction firm to diversify. Starting as a high-rise developer of predominantly SM Development Corp projects, Megawide has diversified into office and hotel development as well as infrastructure after bagging a long-term government contract to build school buildings.
Megawide's earnings rose 55 percent to P983.24 million in the first nine months of the year from P633.50 million in the same period last year on higher construction revenues.