GSIS buys ₱441M in Megawide shares, lifting stake to 9.5%
What's the deal? State-run pension fund Government Service Insurance SystemDealroom has a profile for this one. Try Dealroom → (GSIS) invested ₱441.26 million to acquire 111.94 million shares of Megawide Construction Corp. from company Chairman Edgar Saavedra's Megacore Holdings Inc. The purchases lifted GSIS's holdings to 191.71 million common shares, or 9.5% of the construction firm.
How it happened: GSIS bought the shares in two tranches. On June 24, 2026, it acquired 20.14 million shares for ₱74.06 million, or ₱3.6768 apiece, followed by 91.8 million shares at ₱4 each, totalling ₱367.2 million.
Before the deals, GSIS held 79.77 million Megawide shares, equal to 3.95% of the company's 2.02 billion outstanding common shares. The purchases make it one of Megawide's major local institutional investors.
What's the endgame? Megawide is building socialized housing under the government's expanded Pambansang Pabahay Para Sa Pilipino (4PH) program and rolling out transport-centric developments to modernize public transportation.
“The investment of GSIS reflects another vote of confidence in our vision of engineering a First-World Philippines,” Saavedra said, citing the firm's role in public-private partnerships for social and transport infrastructure.
The bigger picture: The move follows a wider tie-up between GSIS and Saavedra-controlled companies. Earlier this month, the pension fund raised its investment in Citicore Renewable EnergyDealroom has a profile for this one. Try Dealroom → Corp. (CREC) to ₱4.5 billion after buying Megawide's 9% stake in the solar firm.
GSIS acquired 170.14 million more CREC shares on June 26, bringing its total to one billion shares. Before that, it had bought 7.48% of CREC, or 834.33 million shares, through three transactions starting in May.
The signal: A state pension fund is deepening its bets on Philippine infrastructure and renewable energy, channelling capital into government-linked building programs through Saavedra's corporate group.
Read more: Manila Bulletin
Image credit: jikatu
