Lucio Tan son to buy into listed MRC Allied

Listed property developer MRC Allied Industries, Inc. on Thursday said the son of tobacco and beer magnate Lucio C. Tan is aiming to become a majority shareholder of the company. The realty firm told the Philippine Stock Exchange (PSE) its lawyers had started drafting a deal for the entry of Lucio K. Tan, Jr. “We should be able to finalize the contract before our shareholders’ meeting on January 22, and we would continuously update the exchange on this development," MRC Allied said. On Wednesday, the company confirmed reports that it would diversify into the power generation sector with the involvement of Tan Jr. Incorporated in 1990 as Makilala Rubber Corp., MRC Allied entered the real estate business in 1993 by developing residential, commercial, recreational, tourism and industrial areas within a single community. In January to September last year, MRC Allied narrowed its losses to P4.33 million from P34.85 million a year earlier due to lower expenses and interest penalties on its loans. MRC Allied is concentrating on its two main eco-friendly projects — the New Cebu Township One in Naga, Cebu and the Amihan Woodlands Township in Northern Leyte. — GMANews.TV