FORMER property development business MRC Allied, Inc. is now operating as a holding company, the firm said in a disclosure to the local bourse on Wednesday.
MRC Allied will now be “carrying on the business of a holding company for that purpose either in its name or in the name of any other corporation,” the company said in a regulatory filing.
It said that it would still “purchase or otherwise acquire and own, hold, use, develop, subdivide, manage, operate, lease, lease out, sell assign, transfer, mortgage, pledge, exchange otherwise dispose of real property and personal property or business of every kind and description.”
These were included as amendments in its articles of incorporation.
The firm also added additional provisions on secondary purposes, such as acting as a guarantor or co-obligor of any person, corporation or entities that it may have direct or indirect interest in, and borrowing or raising money by issuing bonds, among others.
“MRC will continue its usual business. It will continue its usual business operations and no change in its capital structure,” MRC Allied said.
Since it has become a holding company, an additional company might be added as its subsidiary in the future, it added.
MRC Allied’s wholly-owned units include Menlo Renewable Energy Corp., MRC Tampakan Mining Corp., MRC Surigao Mines, Inc., and Makrubber Corp.
Shares in MRC Allied on Thursday decreased by 3.57% to finish at P0.54 apiece. — Angelica Y. Yang