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MANILA, Philippines — State-run Government Service Insurance System (GSIS) has increased its stake in Megawide Construction Corp. to 9.5 percent after acquiring nearly 112 million shares through a series of block transactions, strengthening its position as one of the company’s largest local institutional investors.
The construction and engineering company said on Wednesday that GSIS bought a total of 111.94 million common shares, bringing the pension fund’s holdings to 191.71 million shares.
READ: Megawide raises P4.5 billion from sale of stake in CREC
Megawide said the investment reflects GSIS’ confidence in its long-term prospects and nation-building initiatives.
