MRC Allied gets SEC nod to convert P1B of debt into equity

Property developer MC Allied has secured the approval of the Securities and Exchange Commission (SEC) to convert nearly P1 billion of its debts into equity.

In a regulatory filing, the company said that the commission on Nov. 8 approved its application for the debt-to-equity conversion of P877.53 million worth of debt from investment house Menlo Capital Corp. into 4,387,658,975 shares of stock.

This will raise Menlo's stake in MRC Allied to 60 percent from 12 percent.

The SEC also approved the reduction of shares' value from P0.20 to P0.10 per share.

The company is now expected to focus on the development of Cebu Technopark in the Philippine Economic Zone Authority of the New Cebu Township One in Naga City, Cebu. The first phase to develop the 160-hectare property will include the construction of a P150-million water park and a 100-room hotel.

MRC also has holdings in several mining projects, including the MRC Tampakan copper-gold project in Kiblawan, Davao del Sur; the MRC Surigao copper-gold porject in Marihatag, Surigao del Sur; the MRC Davao copper-gold project in Paquibato, Davao Del Norte; and the MRC Boston-Cateel gold project in Boston and Cateel, Davao Oriental. — BM, GMA News