Annual Stockholder's Meeting
June 16, 2017
Dear Fellow Stakeholders,
Warmest greetings to you all!
The year 2017 began with a series of exciting events for us at MRC. We opened the year by sharing the good news that we will henceforth embark on a major shift in focus and pursue investments in clean and renewable energy.
In the past few months that we have made this thrust known, the market has responded positively. MRC has achieved the biggest leap in stock price of more than 200 percent compared to other shares.
We interpret the outstanding performance of our stock price as a vote of confidence and approval of our new thrust, our new strategy, our new initiatives and our new team on board.
Strategy & Growth Direction
The decision to grow and diversify our portfolio from property development and mining exploration, into clean and renewable energy, did not come overnight for us though. It was a product of extensive review of the power market in general and the policy direction of our government.
Sometime in 2015, the management of MRC conducted a planning session on the company’s future strategy. The session confirmed that the Philippine market still offers new investment opportunities for the power sector, with the following as key indicators:
Increasing power demand in the Philippines;
Increasing Renewable Energy (RE) capacity targets;
Increasing opportunity to acquire existing RE power plants; and
Steady decline in the cost of RE technologies.
These are among the major considerations and why we feel that now is the perfect time to venture into the energy sector.
In line with our vision to be one of the major players in the Philippine power industry, we plan to develop at least 1,000 megawatts of clean and renewable energy by 2022. For this year, we have an aggregate of 160 megawatts solar capacity in our pipeline.
We will further increase this target capacity by continuously exploring new sources of clean energy, building new RE power plants and acquiring shovel-ready RE projects.
To achieve this goal, we will endeavor to raise funds either on our own or with strategic partners. We will aggressively explore all available options to raise capital and finance our RE projects.
This year we will propose to issue preferred shares in order to raise funds, in addition to our earlier plan to conduct private placement. Further, we will increase the par value of our common shares to a level more appropriate to the market and in order to encourage the participation of institutional investors.
Good Governance & Social Responsibility
As we move forward and grow our business in the energy sector, we recognize that we also have to strengthen our corporate governance, increase our transparency, improve our corporate structure and enhance our management team.
We will remain firm though on our commitment to not only expand our business, but also to continue to advance our shareholder’s interests, promote employee welfare, and contribute to nation-building.
This year we plan to increase the number of our Board of Directors in order for us to accommodate at least three Independent Director seats.
Message of Thanks
As a final word, we thank you, our dear shareholders, investors and partners for your unwavering trust and confidence in MRC. We also thank our Board, our Management Team, and our employees for their invaluable support, contribution and commitment.
On a personal note, I would like to thank the Board not just for the guidance and support they have shown me in the past five months that I have been President and CEO, but more importantly for the confidence and belief that I can lead this company and contribute to its growth and expansion.
Again, thank you everyone for the trust and confidence you have shown MRC. I hope that you are all as excited as I am for the bigger, better and brighter things that are about to come for MRC.
Good day and God bless us all!
ATTY. GLADYS N. NALDA
President and CEO