MRC Allied Inc. on Friday said that it had secured board approval for a private placement of 333.33 million common shares at P1.00 apiece, with the proceeds to be used for renewable energy acquisitions and settlement of corporate advances.
Approval was made on Thursday and the subscription agreement with the unnamed buyer would be executed within 10 days, the company told the stock exchange.
MRC Allied is earmarking up to P180 million of the proceeds for the possible acquisition of equity interests in renewable energy companies or related assets.
Another P150 million will be used to settle duly recorded advances, it said.
The corporate buyer of the MRC shares last month offered to pay 50-percent down payment upon execution of the subscription agreement, with the balance to be delivered within 30 days from the date of the execution of the agreement.
MRC said the subscription was part of a previously approved private placement of up to 1.43 billion common shares.
The identity of the corporate buyer remains confidential and will be disclosed upon board approval, the company earlier said.
The private placement has been described as a strategic move to support a broader P1-billion fundraising initiative aimed at financing MRC’s diversified growth agenda.
The company said there would be no change in the board’s composition, principal officers or shareholder rights following the private placement.
MRC currently has landholdings in Naga City, Cebu and San Isidro, Leyte, as well as mining claims across Mindanao.
It has also invested in renewable energy ventures, particularly in solar and hydroelectric power.
MRC ended the first quarter of 2025 with a wider net loss of P4.13 million versus a loss of P1.84 million in the first quarter last year, which it attributed to salaries and wages, depreciation and consultancy services provided to an entity under common control.
The company’s shares inched up by 2.3 percent to close at P0.89 apiece on Friday.
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