MRC Allied, Inc. has been exempted from the registration requirements for the common shares it plans to issue numbering more than a billion at P0.70 apiece, the company said on Wednesday.
The company told the stock exchange it received yesterday a copy of the letter dated June 13, 2018 from the Markets and Securities Regulation Department of the Securities and Exchange Commission (SEC).
MRC Allied plans to issue 1,428,571,428 common shares, which it disclosed on May 24, 2018. The shares at P0.70 would amount to nearly P1 billion.
“In view of the representation of the said company that the subject securities were offered for sale to new subscribers and considering that the total number of new subscribers is not more than nineteen (19), said proposed issuance is an exempt transaction under Section 10.1 (k) of the [Securities Regulation] Code,” the SEC said.
“It is understood that any future offer or sale of these shares shall be subject to the registration requirements of the Code unless such offer or sale shall qualify as an exempt transaction,” it added.— Victor Saulon

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