Written by Miguel R. Camus
LISTED MRC Allied Industries Inc., a property developer with projects in Cebu and Leyte provinces, confirmed talks it will diversify into the power-generation sector.
“We confirm that there is an ongoing negotiation with Mr. Lucio Tan Jr. regarding a possible joint venture that will involve acquisition of a power plant. No other details are confirmed as of this time,” MRC yesterday wrote in a disclosure to the Philippine Stock Exchange.
The filing follows a newspaper report that the firm is in talks with Tan, known in the circle by his nickname “Bong,” is chairman of MacroAsia Corp., another Tan-controlled company, a holding firm with interests in aircraft services, mining and property development.
Originally incorporated in 1990 as Makilala Rubber Corp., MRC Allied in into development of master planned, integrated residential, commercial, recreational, tourism and industrial areas within a single community or township.
The company declined to provide additional details, noting that a final agreement has yet to be reached. Click here to read more...
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