MRC Allied listing Tan, Jr.’s new shares
MRC Allied Industries, Inc. will list three billion in additional shares at the local bourse following the entry of Lucio K. Tan, Jr., the listed company said in a statement yesterday.
"[The company has] secured approval from the Philippine Stock Exchange (PSE) to list an additional 3.12 billion common shares at a par value of P0.20," MRC Allied President Benjamin M. Bitanga said in the statement.
"The listing of these shares is the last of a series of moves that will allow the company to fully focus on resuming a growth agenda for MRC Allied," Mr. Bitanga said.
MRC Allied listed only 500 million shares when it went public in 1995.
Menlo Capital Corp., which bought the company’s bank debts worth P600 million in exchange for 80% or majority of MRC Allied last month, will subscribe to the new shares.
Investment house Menlo Capital is 50% owned by Lucio K. Tan, Jr., the son of tobacco and airline magnate Lucio C. Tan.
"Now all the tools are in place to fuel growth and we are now in a very good position to make acquisitions," Mr. Bitanga said.
The company wants to buy Filipino remittance and air freight service firm Johnny Air Cargo for P500 million to P800 million.
In March, MRC Allied inked a P1.4-billion investment deal with United Kingdom-based fund manager Global Emerging Markets Global Yield Fund Ltd.
Mr. Bitanga said the company was looking at acquiring companies that would generate profits immediately, shelving plans to go into power generation.
MRC Allied, a listed property developer, has a real estate project in Cebu worth P1.8 billion.
MRC Allied was incorporated on Nov. 20, 1990 as Makilala Rubber Corp. for the processing and export of baled natural rubber. In 1993, a group of investors acquired the company from Philtread Tire and Rubber Corp.
(From Philippine Daily Inquirer)
Byline: Victor C. Agustin
IT WAS supposed to have been only Michael Tan, Lucio Tan's eldest son by his second wife, who had been scheduled to meet with the Inquirer Business staff, but for still unknown reasons, the taipan himself decided that he too would go, bringing with him his brother Harry and a number of the taipan's key lieutenants.
It was a pleasant surprise, considering that the taipan and the Inquirer have had difficult relations in the past; still, gracious hosts that they were, Inquirer president Alexandra Prieto-Romualdez even upgraded the modest Business staff lunch budget to Le Souffle catering