Makati–(PHStocks)–The Board of Directors of MRC Allied Inc. (PSE: MRC) has approved a rights offer to all existing shareholders at a ratio of one share for every one share owned at the Offer Price of PhP0.20 per share. The Board and/or the President were duly authorized to determine the terms, conditions and other details of the Rights Offer.
MRC Allied has engaged Philippine Commercial Capital Inc. (PCCI) as its underwriter. The Board likewise approved a rights offer period of two weeks, and authorized the President to fix the Record Date in accordance with the rules of the Philippine Stock Exchange (PSE).
The Rights Offer will raise approximately PhP720 million of capital for MRC Allied.
In addition, MRC Allied has also completed the acquisition of the 100% equity of MRC Surigao Mines Inc.