MRC ALLIED, Inc. is consolidating all its assets and portfolio under the listed company, while its operating subsidiaries will be implementing the projects, the company said on Thursday.
As part of the reorganization, it announced the appointment of Augusto M. Cosio, Jr. as president and chief executive officer, replacing Gladys N. Nalda. The appointment was unanimously approved by the board on Thursday.
Ms. Nalda also resigned from MRC Allied’s board of directors, while Mr. Cosio was named as a new member. Both actions will take effect on Oct. 16, 2018.
“The Company will continue to pursue renewable energy projects thru Menlo Renewable Energy Corp. (MREN) and Ms. Nalda will be appointed as its new President & CEO,” MRC Allied said.
MRC Allied, which diversified into energy development early last year from property development, had announced plans to invest between P80 billion and P100 billion in the next 10 years to achieve its aspirational goal of putting up 10,000 megawatts (MW) of power capacity.
The company described its new chief as “a known advocate for investing and the development of the Philippine capital markets.”
“Having gained a wealth of experience in the global capital markets after working in Hong Kong and Singapore for global investment banks such as Deutsche Bank and BNP-Paribas, he is a passionate crusader for investment literacy among Filipinos,” the company said.
Mr. Cosio had spearheaded The Capital Market Seminar Series conducted regularly by First Metro Securities Brokers and First Metro Asset Management, Inc. (FAMI).
Mr. Cosio, who finished a course in Social Sciences from the University of the Philippines, had been FAMI president for nine years or until June 2018. FAMI is a fund management company with around P11 billion of assets under management, it added.
“In his stint with the First Metro Investment Corp., Gus (Mr. Cosio’s nickname) steered the creation and the listing of the first Exchange Traded Fund or ETF in the Philippine Stock exchange,” it said.
On Thursday, shares in MRC Allied closed unchanged at P0.59 each. — Victor V. Saulon
