spot_img
28.1 C
Philippines
Friday, March 29, 2024

Ayala Land to keep MCT listed in Malaysia bourse

- Advertisement -

Major property developer Ayala Land Inc. plans to keep Malaysian development and construction company MCT Bhd listed with the Malaysian stock exchange after its takeover.

Ayala Land-led Regent Wise Investment Ltd. said in a takeover notice it would maintain MCT’s listing on the Main Market of Bursa Securities and comply with the 25 percent public ownership on Malaysian firms.

“In the even MCT does not comply with the public spread requirements pursuant to the offer, the offerer (RWIL) will, together with MCT, explore various options or proposals within three months from the closing date, or such extended timeframe as relevant to the authorities may allow, to facilitate MCT’s compliance with the public spread requirement,” RWIL said.

“Nevertheless the action taken to address the public spread requirement may require approvals of relevant authorities and/or its shareholders. The actual course of action to be taken will depend on, among others, the circumstances as well as the prevailing market conditions at the relevant time,” it added.

RWIL is conducting a tender offer for MCT after recently increasing its stake in the company to 50.19 percent by acquiring 230.115 million shares held by Sri Dato’ Sri Goh Ming Choon, a major shareholder of MCT.

- Advertisement -

Ayala Land said the increase in ownership in MCT would enhance the Malaysian company’s operations and expand its business. 

It will also provide Ayala Land with a greater opportunity to take advantage of the growth potential and long-term prospects of the real estate sector in Malaysia and affirm its role as a key player in the Asean property sector.

“With ALI’s solid track record in developing large-scale, integrated, mixed-use and sustainable estates across the Philippines and in growing its diversified product lines, we believe that it is in a highly-capable position to boost the performance and enhance the value of MCT,” Ayala Land said.

    It was in 2015 when Ayala Land first invested in MCT, a move that enabled it enter the Malaysian market and become a key player in the Malaysian real estate market.

    It initially acquired 9.16-percent interest in MCT through a private placement with $43 million (P1.9 billion). 

    Ayala Land’s stake in MCT went up to 32.95 percent on the same year after it entered into call option agreements with the two founders and majority shareholders of the Malaysian firm.

    Established in 1999 as a construction company, MCT Bhd is a property development company specializing in mixed-use projects that include retail, office, hotel and mid- to affordable residential units.

    It has an existing landbank of over 540.2 acres of which only 20.4 acres have been fully developed.

- Advertisement -

LATEST NEWS

Popular Articles