Business

MRC to take over security solutions provider

MRC Allied Inc. has signed a deal to acquire up to 75% of Kerberus Corp. as part of its transformation plan aimed at improving its cashflow.

In a disclosure to the stock exchange filing, MRC said the agreement entered into with security solutions provider 5G Security Inc. would allow the listed company to take control of Kerberus.

5GS is a majority owner of Kerberus engaged in cybersecurity services, electronic security, safety and building management and auxiliary equipment and system business.

MRC president Augusto M. Cosio Jr. said the acquisition would “solidify the entry of MRC into the holding industry. The company’s main assets are in property and mining.

MRC is 51% owned by an investment holding company called Menlo Capital Corp. whose shareholders include businessmen Salvador Zamora II, Benjamin Bitanga and the late Lucio “ Bong” Tan Jr.

Menlo owns a controlling interest in Philippine Telegraph and Telephone Corp., a one of the first to provide telegrams and analogue long distance public voice services in the country.

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