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Manila Bulletin devider Business devider The Stock Market devider New investor taking over Bitanga's MRC Allied for ₱333 million

New investor taking over Bitanga's MRC Allied for ₱333 million

Published Jun 27, 2025 04:25 pm
A new corporate buyer is planning to invest ₱333.33 million in Bitanga-led MRC Allied Inc., and this will result in the investor becoming the listed company’s biggest principal shareholder.
In a disclosure to the Philippine Stock Exchange (PSE), MRC said it has received “a definitive offer from a possible corporate buyer” for the subscription of 333.33 million MRC common shares, out of a previously approved private placement of up to 1.43 billion shares, at a total transaction price of ₱333.33 million or ₱1 per share.
“The management accepted the aforementioned offer subject to verification of the qualification of the corporate buyer and the board approval within a period of 30 days. No other regulatory approval is required,” the company said.
If the transaction is approved by the MRC board of directors and completed, the new shareholder will have a 28.14-percent stake, while current principal shareholder Menlo Capital Corp.’s stake will be diluted from 16.13 percent to 11.59 percent. Melo is controlled by businessman Benjamin Bitanga.
“The identity of the subscribing party is still subject to confidentiality and will be disclosed upon the approval of the transaction by the board of directors within a period of 30 days from MRC’s receipt of the definitive offer last June 19, 2025.
“The subscriber required confidentiality of its identity until approval of the board of directors of the subscription to which MRC agreed,” the company said.
MRC said the transaction will be vital in its expansion plans and is part of MRC’s plan to raise up to ₱1 billion through private placement.
The proceeds of ₱333.33 million will be used by the company to finance its real property development projects; investment in renewable energy (RE) projects; and investments in companies engaged in providing cloud data center facilities, software development, developing smart cities, cybersecurity and data privacy solutions, and internet mobile and broadband services.
“The work program and timeline of the use of proceeds will be determined after the closing of the transaction,” MRC said.
MRC's wholly owned subsidiaries are Menlo Renewable Energy Corp.; MRC Tampakan Mining Corp.; MRC Surigao Mines Inc.; and Makrubber Corp.

Related Tags

MRC Allied Inc. Menlo Capital Corporation Benjamin Bitanga
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