MRC Al­lied names Co­sio as new pres­i­dent, CEO

Business World - - Corporate News - Vic­tor V. Saulon

MRC AL­LIED, Inc. is con­sol­i­dat­ing all its as­sets and port­fo­lio un­der the listed com­pany, while its op­er­at­ing sub­sidiaries will be im­ple­ment­ing the projects, the com­pany said on Thurs­day.

As part of the re­or­ga­ni­za­tion, it an­nounced the ap­point­ment of Au­gusto M. Co­sio, Jr. as pres­i­dent and chief ex­ec­u­tive of­fi­cer, re­plac­ing Gla­dys N. Nalda. The ap­point­ment was unan­i­mously ap­proved by the board on Thurs­day.

Ms. Nalda also re­signed from MRC Al­lied’s board of di­rec­tors, while Mr. Co­sio was named as a new mem­ber. Both ac­tions will take ef­fect on Oct. 16, 2018.

“The Com­pany will con­tinue to pur­sue re­new­able en­ergy projects thru Menlo Re­new­able En­ergy Corp. (MREN) and Ms. Nalda will be appointed as its new Pres­i­dent & CEO,” MRC Al­lied said.

MRC Al­lied, which di­ver­si­fied into en­ergy de­vel­op­ment early last year from prop­erty de­vel­op­ment, had an­nounced plans to in­vest be­tween P80 bil­lion and P100 bil­lion in the next 10 years to achieve its aspi­ra­tional goal of putting up 10,000 megawatts (MW) of power ca­pac­ity.

The com­pany de­scribed its new chief as “a known ad­vo­cate for in­vest­ing and the de­vel­op­ment of the Philip­pine cap­i­tal mar­kets.”

“Hav­ing gained a wealth of ex­pe­ri­ence in the global cap­i­tal mar­kets af­ter work­ing in Hong Kong and Sin­ga­pore for global in­vest­ment banks such as Deutsche Bank and BNP-Paribas, he is a pas­sion­ate cru­sader for in­vest­ment lit­er­acy among Filipinos,” the com­pany said.

Mr. Co­sio had spear­headed The Cap­i­tal Mar­ket Sem­i­nar Se­ries con­ducted reg­u­larly by First Metro Se­cu­ri­ties Bro­kers and First Metro As­set Man­age­ment, Inc. (FAMI).

Mr. Co­sio, who fin­ished a course in So­cial Sciences from the Univer­sity of the Philip­pines, had been FAMI pres­i­dent for nine years or un­til June 2018. FAMI is a fund man­age­ment com­pany with around P11 bil­lion of as­sets un­der man­age­ment, it added.

“In his stint with the First Metro In­vest­ment Corp., Gus (Mr. Co­sio’s nick­name) steered the cre­ation and the list­ing of the first Ex­change Traded Fund or ETF in the Philip­pine Stock ex­change,” it said.

On Thurs­day, shares in MRC Al­lied closed un­changed at P0.59 each. —

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