MRC Allied Inc., a diversified holding company led by businessmen Salvador Zamora and Benjamin Bitanga, is acquiring a significant stake in Rappler Holdings Corp. which operates the social news network Rappler.
MRC said in a disclosure to the stock exchange Thursday its board approved the acquisition of Dolphin Fire Group Inc.’s (DFGI) 31.20-percent stake in Rappler. The acquisition will make MRC the single biggest shareholder of Rappler.
“The purchase transaction will allow MRC to expand into the fast-growing local digital online platform industry,” the company said.
The acquisition will be done via share swap deal. Under the plan, MRC will use either its unissued authorized capital stock or subscribed capital stock as a consideration for the shares of DFGI.
Both parties will hire a third-party auditing firm to conduct an independent valuation of the shares of DFGI in Rappler which will be the basis of the purchase price.
MRC, in February 2024, reported plans to acquire interest in Philippine Telegraph & Telephone Corp. for P500 million as it aims to venture into information and communication technology business.
The board of MRC also approved in January the its P75-million investment in Bitstar Prime Holdings, which will be its corporate vehicle for telecom venture.
The stock price MRC jumped 28 percent to P1.37 Thursday.