MRC Allied Inc. (MRC) said it will undergo a reorganization by consolidating all of its assets.
It told the stock exchange on Thursday that the appointment of Augusto Cosio Jr. as the new president of MRC “is part of the company’s ongoing reorganization and plan to consolidate all assets and portfolio under MRC. All projects will henceforth be implemented by the operating subsidiaries.”
Cosio replaced Gladys Nalda, who will be tasked to the renewable-energy business of MRC.
“The company will continue to pursue renewable-energy projects through Menlo Renewable Energy Corp. and Nalda will be appointed as its new president and CEO,” it added.
Nalda’s resignation and Cosio’s appointment both take effect on October 16, 2018.
The company earlier bared its plan to develop at least 10,000 megawatts (MW) of clean and renewable energy in five years.
“We are looking at a target of at least 10,000 MW of clean and renewable energy in 10 years,” Nalda said. “This will be equivalent to about P80 billion to P100 billion or more in terms of capital investment, depending on the technology or resource.”