Megawide Construction Corporation (PSE:MWIDE) agreed to acquire PH1 World Developers Inc. from Citicore Holdings Investment, Inc. for PHP 5.2 billion on July 4, 2023. As reported, Megawide Construction Corporation will acquire 579,457,844 common shares in PH1 World Developers at a price of PHP 8.97 per share. The sale is expected to be concluded via a cash transaction.

The lump sum payment shall be made on the closing date. The transaction is approved by the Board of Directors of Megawide Construction Corporation and it is still subject to the approval of the stockholders at the 2023 annual stockholders meeting to be held on July 12, 2023, corporate approvals, the parties' representations and warranties are true and correct and securing a Philippine Competition Commission Confirmation of Letter of Non-Coverage. Subject to the stockholders' approval, the signing of the share purchase agreement is expected to take place on July 12, 2023.

The closing of the acquisition is expected to take place on July 27, 2023. As of July 12, 2023, the shareholders of Megawide Construction Corporation approved the transaction.