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MRC Allied to pursue P1-billion share sale to fund expansion

April 16, 2018

As published on PhilStar

 

MANILA, Philippines — MRC Allied Inc. is pursuing a P1-billion share sale to support its expansion into the power sector.

 

In a disclosure to the Philippine Stock Exchange, MRC Allied said its board amended the terms of the planned private placement.

 

The company has reduced the amount of shares to be sold through a private placement but raised the price of the share sale.

 

The MRC board nearly halved the amount of shares from 2.56 billion common shares to 1.43 billion common shares from the unissued and unsubscribed authorized capital stock.

 

The company’s board also approved a higher issue price of P0.70 per share from the previous P0.39 price.

 

The board said the private placement will also call for a downpayment of 50 percent of the issue price upon signing of the term sheet, with the 50 percent balance payable within 30 days from downpayment. 

 

The share sale was first announced in mid-2017 to bankroll the company’s plans to develop rene