MRC eyes expansion in ICT

MRC Allied Inc., a listed firm with a diversified portfolio in real estate mining, and energy, is now eyeing to expand its presence in the information and communication technology space.

The company informed the Philippine Stock Exchange on Thursday that it will strengthen its local digital online platform footprint through its plan to become the largest shareholder of Rappler Holdings Corp. (RHC).

"The Board of Directors approved that MRC will purchase a significant ownership interest in RHC, the principal owner of an internationally recognized digital online platform," the company said in a disclosure.

"MRC will purchase the 31.20 percent ownership interest of Dolphin Fire Group Inc. (DFGI) in RHC to become the largest stockholder thereof," it added.

MRC will purchase DFGI’s ownership interest in RHC through a share swap scheme.

To fully execute the transaction, MRC will utilize either its available Authorized Capital Stocks or Subscribed Capital Stock as a consideration for the shares of DFGI.

Within the next 10 days, MRC and DFGI, are expected to jointly secure Third-Party Valuation for the shares of DFGI in RHC through an auditing firm or financial advisor which will be the basis of the purchase price.

Meanwhile, the purchase transaction will be closed 30 days from the date of the Third-Party Valuation Report.

MRC is a company that specializes in developing master-planned communities.

These communities include residential, commercial, recreational, and industrial areas.

Over time, the company expanded its business to include mining and renewable energy.

In January of this year, MRC announced that it initially invested P75 million to acquire controlling ownership of Bitstar Prime Holdings.

On the other hand, RHC is the primary owner of Rappler, a Manila-based digital media company.

Maria Ressa, the co-founder of the online news site Rappler and a Nobel prize winner, has been acquitted of a tax evasion charge that was filed against her last year.

It marked another significant legal victory in her ongoing battle against multiple charges that were filed against her during the presidency of former president Rodrigo Duterte.