"Lucio Tan, Jr., the eldest son of tobacco and airline tycoon Lucio Tan, is acquiring up to 65 percent of property company MRC Allied Industries, Inc. for P3.3 billion. MRC Allied chairman Benjamin Bitanga said in a phone interview that the younger Tan would either put in P3.3 billion in fresh equity into the company or infuse P3.3 billion worth of assets to obtain a 65-percent interest in the company. Bitanga said he and other small shareholders would keep 35 percent of MRC Allied. Sources said Tan would use MRC Allied as corporate vehicle for venturing into the power business. Bitanga said Tan was in talks with five foreign investors-two from the United States and three from China-for possible investments in the power sector. Tan is interested in buying four power plant projects in Luzon-one hydro, one bunker fuel and two using alternative fuels" - Source : Manila Standard Today
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