MRC Allied moving into ICT industry with P75-M investment in Bitstar Prime
MRC Allied [MRC 1.45 unch; 66% avgVol] [link] confirmed that its initial investment into Bitstar Prime Holdings (BITSTAR) will be P75 million. The MRC board approved the purchase of the stake to give MRC a controlling interest in BITSTAR; once the transaction to acquire control is completed, the board will authorize MRC to assign to BITSTAR its interest in Kerberus Corporation (to be renamed Bitstar Telecom), and its interest in PT&T Corporation [PTT suspended]. MRC will also cause BITSTAR to subscribe to P1 billion worth of convertible preferred shares in PTT. The company said that it hopes to finalize the MRC subscription in BITSTAR before the end of January 2024.
