MRC said its board approved the private placement of 315 million unissued common shares at P1 per share, raising P315 million.
This is part of the company’s share sale program to raise up to P1 billion, with proceeds to be used to pay advances and loans recorded in the company’s books.
MRC shares rose 1.16 percent to P0.87 on Monday after a briefing trading halt. The stock has slumped about 2.2 percent over the past 12 months.
Who are the buyers?
The buyers are Peregrino P. Fernandez, subscribing P215 million, and Kong Ming Yeung, subscribing P100 million, both in their personal capacities.
MRC said Fernandez owns Melekon Contractors Inc., a construction firm with projects spanning power generation, underground construction, mining, dredging, reclamation, and other civil engineering works.
MRC said Yeung owns Supercity Capital Ventures Inc. and Metrosquare Holdings Inc., companies engaged in commercial real estate development and leasing in Metro Manila.
MRC was previously controlled by businessman Benjamin Bitanga before the sale of a significant stake to real estate firm Asian Appraisal Holdings Inc. last year.
—Edited by Miguel R. Camus
