MENLO Renewable Energy Corporation (MREN), a unit of property developer MRC Allied Inc., is raising its authorized capital stock by five-fold as it aims to be a major player in the energy sector.
In a disclosure to the Philippine Stock Exchange on Wednesday, MRC said its board of directors approved the resolution to increase Menlo Renewable’s capital stock from P100 million to P500 million.
A higher capital stock will “allow the infusion of additional capital for MREN’s projects,” parent MRC noted. MRC previously said it plans to consolidate its energy business as part of the drive to be a major player in renewable energy.
Also, MRC appointed a new president earlier this month. “The election of Atty. Gladys N. Nalda as a member of the Board of MRC and as its new President is in line with the thrust of the company to venture into the energy sector and be a major player in the renewable energy industry,” the company said in an earlier disclosure.
Nalda specializes in the legal aspects of renewable energy and project finance.
“Prior to joining MRC, she was the Vice President for Legal and Corporate Affairs and former Corporate Secretary of PNOC Renewables Corporation, the renewable energy arm of the state-owned Philippine National Oil Company,” MRC said.
She was also connected with the PNOC Exploration Corporation and the Department of Energy.
Last year, MRC disclosed plans to venture into renewable energy and pursued a $90-million solar farm in Cebu.
As a property developer, MRC Allied counts as principal assets a 160-hectare industrial estate in Naga City, Cebu and 700 hectares of raw land in San Isidro Municipality, Leyte.