The board of directors at MRC Allied Inc. has green lighted the purchase of shares of stocks of Bitstar Prime Holdings Inc. meant as its entry vehicle into the information and communication technology sector.
MRC’s subscription will give it control over Bitstar Prime and the plan to purchase and house telecommunications and broadband assets.
MRC’s subscription relates to 75 million common shares with par value of P1per share. When completed, MRC will assign to Bitstar Prime its rights and obligations on transactions marking its entry into the sector.
This includes the memorandum of agreement on the proposed acquisition of 5G Security Inc., the former name of Bitstar Prime.
MRC also signed a deal with Menlo Capital Corp. in February last year for the acquisition of 500 million common shares owned by Menlo in PT&T Corp.
“MRC will likewise utilize Bitstar Prime to subscribe up to P1 billion worth of Philippine Telegraph and Telephone Corp.’s serial cumulative convertible redeemable preferred stocks with par value of P10.00 per share,” the company said.
The transaction is seen completed on or before end of the month with the execution of a subscription agreement.
“The transaction being disclosed is part of MRC’s business plan to become a significant player in the fast-growing information and communication technology Industry in the country,” MRC said.
