MRC Allied Industries, Inc. (MRC) is a property development firm in the Philippines which has found its niche in the development of master planned, integrated residential, commercial, recreational, tourism and industrial areas within a single community or township. Originally incorporated on November 20, 1990 as Makilala Rubber Corporation, the company's activities were originally involved in the processing and export of baled natural rubber. In 1993, new stockholders acquired the company from Philtread Tire & Rubber Corporation and diversified the company into real property development, particularly into township development. On October 25, 1994, the Securities and Exchange Commission approved the change in the company's corporate name to MRC Allied Industries, Inc. In 1997, MRC decided to divest its rubber business to Makrubber Corporation, a wholly owned subsidiary, to focus on its core business of real property development. However, in 2000, Makrubber stopped its commercial operation due to the worsening of the raw material supply and the problem of peace and order in the Mindanao area. On September 23, 2008, Pacific Asia Capital Corporation (PACC), now Menlo Capital Corporation, and MRC entered into a Deed of Assignment, wherein PACC shall assume the liabilities of MRC from various creditors. PACC and MRC agreed to extinguish the debt by converting it into common shares out of MRC's increased authorized capital stock of P3.0 billion and PACC shall subscribe to P725 million covering the 25% minimum subscription for the partial increase of MRC's authorized capital stock of P2.9 billion or 3.625 billion shares out of the 14.5 billion shares increase with par value of P0.20 per share. PACC shall assign, convey, transfer and consider as extinguished MRC's debt in the amount of P328.50 million as partial payment for 1.642 billion shares. As a result of this agreement, PACC shall have 3.625 billion shares, or 87.88% of the outstanding capital stock of MRC, thus effectively acquiring control over MRC. At present, MRC is concentrating on its two main eco-friendly projects, namely, the New Cebu Township One in Naga, Cebu, and the Amihan Woodlands Township in Northern Leyte. Source: SEC Form 17-A (2008)