MRC Allied lays groundwork for the future
As published on the Tribune.
MRC Allied is laying the groundwork to become a major player in the renewable energy or RE industry that would ultimately enhance shareholder value after successfully transitioning into a bigger and better company last year.
The business is now in the process of implementing its new vision and roadmap consistent with the focus to become a major RE player, under its new management team headed by its president and CEO Augusto “Gus” Cosio Jr.
In his message to shareholders during the company’s annual shareholders meeting on 18 June, MRC Allied chairman Jimmy Yaokasin said the company has successfully transitioned with a new set of board and management, paving the way for the implementation of major changes in its strategy that would result in a better organization.
“In 2018, it was good to note that the MRC stock price stabilized. A proof that the market supports the new team and the direction of the company. This is both inspiring and encouraging. Rest assured that the team will continue to work hard to deliver and implement the company’s short term, medium term and long-term goals,” he said.
Cosio, for his part, thanked the management team for welcoming him into the company and making the transition easy.
“As the new skipper of the ship, I have made sure to continue what was good, tweak what was not working and continuously look for ways that will improve the company,” he said.
Consistent with its new plans and strategy, MRC Allied through subsidiary Menlo Renewable Energy Corp. will complete its rice mill and mall solar PV rooftop projects.
It will also continue the solar rooftop PV portfolio with a target capacity of 12 megawatts in the next two years.
Furthermore, Cosio said, MRC Allied plans to continue with the current utility scale projects within the umbrella of MRC such as SEPALCO’S 50MW Solar Project, the 100 MW Clark Solar Project and the 60 MW Naga Solar Project.
In all, he said the company would continuously beef up the business development and operations team with individuals who have expertise in the energy sector.
Moving forward, Cosio said all these projects in the pipeline would transform MRC Allied into a bigger, bolder and future-ready company with investments in renewable energy.
“Indeed, the last seven months has been challenging at the same time encouraging. We are challenged to continuously work for MRC’s success and we are encouraged to deliver, produce results, exceed stockholder’s expectations as well as eventually improve shareholder’s value,” he said.