FORMER PROPERTY development firm MRC Allied, Inc. has signed a deal with 5G Security, Inc. (5GS) to acquire 75% of Kerberus Corp. as it enters the holding industry.
MRC Allied in a disclosure on Thursday said it signed a memorandum of agreement to prepare for supermajority ownership and control of Kerberus, where cybersecurity services and building management firm 5GS owns majority share and control.
5GS, under the agreement, will immediately increase the authorized capital stock of Kerberus to P300 million.
MRC Allied will acquire up to 250 million shares in Kerberus within 120 days from the approval of the Securities and Exchange Commission of the increase in the authorized capital stock of Kerberus.
Further details on the acquisition will be tackled in a separate agreement, the company said.
“This acquisition of Kerberus Corporation will solidify the entry of MRC into the holding industry. It will also bring the Company closer to its aspirational goal of transforming from property business to a holding company,” MRC Allied said.
MRC Allied last month announced it now operates as a holding company, but would maintain usual business operations with no changes to its capital structure.
MRC Allied’s wholly-owned units include Menlo Renewable Energy Corp., MRC Tampakan Mining Corp., MRC Surigao Mines, Inc., and Makrubber Corp.
Shares in MRC Allied dropped 3.5 cents or 6.7% to P0.485 apiece on Thursday. — Jenina P. Ibañez