MRC Allied to issue P1B shares to power up expansion

MRC Allied Inc. is raising nearly P1 billion through a private placement to fund its aggressive expansion in the power sector.

In a regulatory filing, MRC Allied said its board approved the sale of 2.56 billion common shares from the firm’s unissued and unsubscribed capital at P0.39 apiece.

MRC aims to develop at least 1,000 megawatts of clean and renewable energy by 2022 in its bid to become a major player in the industry.

The company earlier entered into a memorandum of understanding with Chinese construction giant China Energy Engineering Corp. Ltd. to jointly explore the possibility of building a liquefied natural gas project.

MRC has so far about 160 megawatts of generating capacity through solar projects in the pipeline.