Benjamin Bitanga: Lucio Tan Jr. poised to acquire absolute majority of MRC Allied for P3-B

Benjamin Bitanga, a majority shareholder of listed firm MRC Allied Industries, whose share prices has been skyrocketing recently, confirmed to ANC's Business Nightly that they are in talks with Lucio Tan Jr. for a deal worth about P3 billion. The deal, which allows a backdoor listing scheme for Tan Jr., will involve one or some of the 4 power plants--hydro, bunker fuel and alternative energy--being injected into MRC Allied as equity. Bitanga said Tan Jr. wants absolute majority of the listed firm, which could then be the corporate vehicle for the power plant acquisitions.

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