MRC Allied, Inc. agreed to acquire 31.2% stake in Rappler Holdings Corporation from Dolphin Fire Group Inc.
April 03, 2024
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MRC Allied, Inc. (PSE:MRC) agreed to acquire 31.2% stake in Rappler Holdings Corporation from Dolphin Fire Group Inc on April 4, 2024. The transaction will be done through a share swap scheme whereby MRC will utilize either its available Authorized Capital Stocks or Subscribed Capital Stock as a consideration for the shares of Dolphin Fire Group and is expected to complete within 40 days.
MRC Allied, Inc. is a Philippines-based holding company. The Company, through Menlo Renewable Energy Corporation (MREN), operates 550 kilowatt-power (kWp) solar photovoltaic (PV) rooftop systems for a rice milling plant in Northern Luzon. It has a 15% ownership in Sulu Electric Power and Light (Philippines) Inc., which owns and operates a 50-megawatt solar project located in Palo, Leyte. The principal asset of the Company consists of two land banks. The first is a 160-hectare industrial estate in Naga City, Cebu and the second consists of 700 hectares of raw land in San Isidro Municipality, Leyte, known as Amihan Woodlands Township (AWT). Located thirty-five (35) kilometers away from the Mactan International Airport, the industrial estate in Naga City, known as the New Cebu Township One (NCTO). The Company's subsidiaries include MRC Tampakan Mining Corporation (MRC Tampakan), MRC Surigao Mines, Inc. (MRC Surigao) and Makrubber Corporation (Makrubber).