MRC Allied, Inc.

MRC Allied’s share issuance secures SEC exemption

MRC Allied, Inc. has been exempted from the registration requirements for the more than a billion common shares it plans to issue at P0.70 apiece, the company said on Wednesday.

The company told the stock exchange it received yesterday a copy of the letter dated June 13, 2018 from the Markets and Securities Regulation Department of the Securities and Exchange Commission (SEC)

“In view of the representation of the said company that the subject securities were offered for sale to new subscribers and considering that the total number of new subscribers is not more than nineteen (19), said proposed issuance is an exempt transaction under Section 10.1 (k) of the [Securities Regulation] Code,” the SEC said.

“It is understood that any future offer or sale of these shares shall be subject to the registration requirements of the Code unless such offer or sale shall qualify as an exempt transaction,” the regulator added.

MRC Allied plans to issue 1,428,571,428 common shares, which it disclosed on May 24, 2018. The shares at P0.70 would amount to nearly P1 billion.

As of Dec. 31, 2017, the total number of MRC Allied shares owned by the public amounted to 4,094,003,250, representing 48.09% of its total issued shares and outstanding.

The company is 51.54% owned by investment house Menlo Capital Corp. It has a diverse business lines, which include energy development, real estate and mining.

The company, through affiliate SunRay Power, Inc., entered into a solar energy service contract with the Department of Energy (DoE) in October 2017 to develop a 100-megawatt (MW) solar project within the New Clark City, a planned community under-development in Tarlac. SunRay previously estimated the solar project to cost P8.5 billion.

“We are waiting for endorsements that they will be sending,” Gladys N. Nalda, MRC Allied president and chief executive officer, said told reporters on Monday. “We cannot start doing anything there until we get permits.”

“We have a board-approved PSA (power supply agreement) with BCDA (Bases Conversion and Development Authority),” she added.

SunRay has a 25-year lease for 260 square meters (sq.m.) in the area, of which about 110-sq.m. is devoted for the solar project.

Ms. Nalda said the company is studying the use of the rest of the leased area.


...telco play involving MRC and PT&T?

Subject of the Disclosure
Resignation and Election of Directors.

Background/Description of the Disclosure
We would like to inform the Exchange that during the meeting of the Board of Directors of the Company held earlier today at the 5/F Eurovilla 4 Building 853 A. Arnaiz Avenue, Makati City, where a quorum was present, the Board unanimously approved the following: 

 1. Acceptance of the resignation of Mr. Carlos Jericho L. Petilla as Independent Director of the Board of Directors.

 2. Acceptance of the resignation of Mr. Carlos Jose P. Gatmaitan as Chairman of the Board of Directors.

 3. The Board of Directors further elected its current Vice-Chairman Mr. Jimmy T. Yaokasin to assume the position of Chairman of the Board. 

 4. During the meeting, the Board of Directors elected the following persons as new Directors:

 a. Mr. Bernardo G. Galang (Independent Director)

Mr. Bernardo G. Galang, is a graduate of Ateneo De Manila University where he obtained his degree in Business Management. He sits as member of the Board of Trustees for Happy Child Foundation, where he is also one of the incorporators. He also had a hand in the incorporation of Friends and Associates of ABAKADA Inc., a foundation that aims to help disadvantaged children get college degrees. Earlier in his career, he had an established career in the field of insurance, working with the likes of Berkley International Insurance International Life Insurance Company, Sun Life Assurance Company of Canada, Philippine Banking Corporation, and FGU Insurance Corporation, among others.

 b. Mr. James G. Velasquez (Regular Director)

Mr. James G. Velasquez is currently the President and CEO of PT&T, a Philippines Telecommunications Company. He was previously a Senior Executive for IBM Global Technology Services, Asia Pacific. James has 30 years of experience in running several business units in the Philippines and in Asia Pacific with focus on business management, operations, strategic sales, digital transformation, technical support, infrastructure management and regional sales & operations. Mr. Velasquez graduated from University of Santo Tomas, with degree in Electronics and Communications Engineering.

...bakit sinasalubong ng benta?

...what's going on MRC? Tongue

MRC Allied to reorganize, consolidate assets

MRC Allied Inc. (MRC) said it will undergo a reorganization by consolidating all of its assets.

It told the stock exchange on Thursday that the appointment of Augusto Cosio Jr. as the new president of MRC “is part of the company’s ongoing reorganization and plan to consolidate all assets and portfolio under MRC. All projects will henceforth be implemented by the operating subsidiaries.”

Cosio replaced Gladys Nalda, who will be tasked to the renewable-energy business of MRC.

“The company will continue to pursue renewable-energy projects through Menlo Renewable Energy Corp. and Nalda will be appointed as its new president and CEO,” it added.

Nalda’s resignation and Cosio’s appointment both take effect on October 16, 2018.

The company earlier bared its plan to develop at least 10,000 megawatts (MW) of clean and renewable energy in five years.

“We are looking at a target of at least 10,000 MW of clean and renewable energy in 10 years,” Nalda said. “This will be equivalent to about P80 billion to P100 billion or more in terms of capital investment, depending on the technology or resource.”

Pls don't follow me....I'm lost too! hehe

MRC Allied to build solar PV system for milling plants

MRC ALLIED, Inc. said on Wednesday that it had executed a memorandum of agreement (MoA) to build a solar photovoltaic rooftop system for two rice milling plants with a capacity of at least 550 kilowatt-peak (kWp).

The company did not disclose the other parties to the deal except to say that the development, design, construction and installation of the solar energy systems are for milling plants in northern Luzon.

Under the MoA, the company will be the project developer and owner of the solar facility, while a “private entity” that owns and operates the milling plants will be the off-taker of the produced power.

MRC Allied said the total investment cost for the project is estimated at P34 million. It said the MoA would become effective upon the issuance of the acceptance certificate by the power off-taker to the listed company “after successful completion of actual performance testing and interconnection.”

The cooperation period of the parties under the MoA will be for 20 years from the issuance of the certificate.

MRC Allied described the signing of the memorandum as “a significant milestone” for the company, and will kick off its pilot project in its current solar photovoltaic pipeline. The company aims to develop at least 4 megawatts of solar energy projects within the pilot project area, it added.

The MoA comes after the company last month announced a reorganization that consolidates under MRC Allied all its assets and portfolio while its operating subsidiaries will be implementing the projects.

As part of the reorganization, it announced the appointment of Augusto M. Cosio, Jr. as president and chief executive officer and the resignation of Gladys N. Nalda in those positions. The moves were unanimously approved by the board.

Ms. Nalda also resigned from MRC Allied’s board of directors, while Mr. Cosio was named as a new member. Both actions will take effect on Oct. 16, 2018. The new composition of the board committees are also to take effect on that date.

“The Company will continue to pursue renewable energy projects thru Menlo Renewable Energy Corp. (MREN) and Ms. Nalda will be appointed as its new President & CEO,” MRC Allied had said. 

Pls don't follow me....I'm lost too! hehe

MRC Allied renews deals with Chinese firms

MRC Allied, Inc. has signed deals with two Chinese companies to explore possible liquefied natural gas (LNG) projects in the Philippines.

Memorandums of understanding (MoUs) were inked with China Energy Engineering Corp. Ltd. (CEEC) and China Engineering Group Guangdong Power Engineering Co., Ltd. (GPEC), MRC Allied said in a disclosure, to “conduct project evaluation and due diligence activities to determine the feasibility of pursuing an LNG project, among others.”

Similar deals signed by the three parties a year earlier have lapsed, thus the signing of the new MoUs.

CEEC is a Beijing-based company is engaged in the business of exploration, development, and construction of energy projects, while its subsidiary GPEC is a foreign entity engaged in the business of exploration, development, and construction of energy projects.

MRC Allied, meanwhile, is a property development firm that expanded into the energy sector last year through various RE initiatives.

Pls don't follow me....I'm lost too! hehe

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