MRC Allied to solidify energy venture under new president
Listed property developer MRC Allied Inc. has named a new president in line with the company’s thrust to diversify its business into the energy sector, the company announced on Tuesday.
In a disclosure to the Philippine Stock Exchange, MRC said it has elected Gladys Nalda as its new president and as well as a member of its Board of Directors, following the resignation of two company officials.
MRC said it has accepted the resignations of Benjamin Bitangca as the firm’s president, and Edwin Monzon as a member of the Board of Directors.
“During the meeting the Board of Directors elected Ms. Gladys N. Nalda as a member of the Board of Directors to replace Mr. Monzon and thereafter elected her as the new President to replace Mr. Bitanga,” MRC said.
The resignation of the two official took effect yesterday, January 3, according to the disclosure.
MRC noted that the election of Nalda as its president is in line with the company’s plan of venturing into the energy business.
“The election of Atty. Gladys N. Nalda as a member of the Board of MRC and as its new President is in line with the thrust of the company to venture into the energy sector and be a major player in the renewable energy industry,” MRC said.
Nalda who is a lawyer by profession, specializes in renewable energy and project finance.
“Prior to joining MRC, she was the Vice President for Legal and Corporate Affairs and former Corporate Secretary of PNOC Renewables Corporation, the renewable energy arm of the state-owned Philippine National Oil Company,” MRC said.
MRC added that Nalda was also “connected” with the PNOC Exploration Corporation and the Department of Energy.
Last year, MRC disclosed its plans to venture into the renewable energy sector as it pursued a $90-million solar farm in Cebu.
In May 2015, the company incorporated a wholly-owned subsidiary, Menlo Renewable Energy Corporation, to carry out the renewable energy projects of the company.
MRC Allied is primarily engaged in the property development business. The principal assets of the company consists of two land banks, particularly a 160-hectare industrial estate in Naga City, Cebu and 700 hectares of raw land in San Isidro Municipality, Leyte.