MRC Allied eyes renewable energy

As published in the Philippine Star

MANILA, Philippines - MRC Allied Inc., the listed real estate company with a diverse portfolio in property and mining, is embarking on a major shift in focus to pursue investments in the renewable energy sector under the leadership of its newly appointed president and chief executive officer Gladys Nalda.

The company plans to develop new renewable energy projects through its first batch of shovel-ready projects as part of its long- term plan to accumulate 1,000 megawatts (MW) of clean energy on its own or through joint ventures, said May Militante, MRC Allied’s investor relations officer.

In the last few months, MRC has achieved the biggest leap in stock prices for about 200 percent compared to other shares.

Under Nalda’s leadership, the company wants to focus on clean energy and has in fact started recruiting a team of professionals with solid energy background.

These include former president of PNOC Renewables Corp. Carlos Jose Gatmaitan who now sits as chairman of the MRC Board and former energy secretary Zenaida Monsada who is one of its independent directors.

Militante, for her part, used to be the Investor Relations Group of the Department of Energy (DOE) and PNOC Renewables Corp.

“We believe that MRC is finally gaining serious attention because of its current thrust and with the new CEO taking control at the helm,” said Militante.

Nalda, who has a strong background in corporate and commercial law, specializes on renewable energy and was former vice-president for Legal and Corporate Affairs of state-owned PNOC Renewables Corp. She was also previously connected with PNOC Exploration Corp. and the DOE as Legal Counsel.

MRC Allied will hold an Investors’ Briefing, which will take place on June 16 shortly after its annual stockholders’ meeting.

The company’s share price closed at P0.385 per share on Friday, up 4.05 percent from the previous close of P0.370 per share.