Business

SEC clears MRC’s conversion into holding company

Renewable energy firm MRC Allied Inc. has obtained the Securities and Exchange Commission’s nod to transform into a holding company.

Renewable energy firm MRC Allied Inc. has obtained the Securities and Exchange Commission’s nod to transform into a holding company.

Based on its amended primary purpose, MRC shall acquire, own, develop and dispose among others real property and personal property or any kind of business.

MRC shall enter into contracts with any person, firm, association, corporation whether private, public or municipal or body government or politic, domestic or foreign.

It shall also prepare project studies, market reports, business evaluation studies and provide management counsel for business enterprises, non-profit organizations, and foundations, government agencies and corporations, international organizations and other entities.

MRC is controlled by Menlo Capital Corp., an investment holding company owned by businesman Benjamin Bitanga and the late Lucio Tan Jr. The company’s main assets are in property and mining.

The stock is now trading at P0.58 each share, up 9.4% from Tuesday’s close.

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