MRC Allied Inc., a diversified holding company with interests in real estate development, mining and renewable energy, is acquiring a significant stake in Philippine Telegraph & Telephone Corp. for P500 million as it plans to venture into information and communication technology business.
MRC signed a memorandum of agreement with Menlo Capital Corp. for the acquisition of 500 million common shares of PT&T at P1 per share, or for a total of P500 million.
“This represents a significant stake in PT&T and will enable MRC to utilize PT&T’s facilities for its intended information and communication technology business ventures,” PT&T said.
MRC’s entry as a strategic investor to PT&T is expected to strengthen the latter’s ability to provide reliable, efficient and sustainable broadband and IT services in Calabarzon while it prepares to raise $200 million to $300 million (P11 billion to P17 billion) for a significant upgrade of its network infrastructure.