Written by Miguel R. Camus
THE eldest son of tycoon Lucio Tan is set to control listed property developer MRC Allied Industries Inc. in line with the firm’s planned transformation into a power company.
In a filing to the Philippine Stock Exchange, MRC said negotiations have begun for the entry of Lucio Tan Jr., ahead of the firm’s shareholders meeting on January 22.
“We wish to disclose that our lawyers will start drafting our memorandum agreement in relation to Mr. Tan’s entry as a majority shareholder in our company,” MRC told the stock exchange on Thursday.
Shares of MRC gained a further 2.66 percent to end yesterday’s session at P 0.77 apiece. The company’s shares had more than doubled since its January 4 open.
MRC, which has real estate projects in Cebu and Leyte province, said a contract will be finalized within the next two weeks.
This follows a Wednesday disclosure wherein MRC said it is currently in talks with the younger Tan for a possible joint venture that will involve the acquisition of a power plant.
In an interview over ANC Channel, MRC’s majority shareholder Benjamin Bitanga said the company had already been in talks with Tan since last year. He said the MRC buy-in will be worth over P3 billion. Click here to read more...
No comments:
Post a Comment