Philippine developer Ayala Land takes majority stake in Malaysia’s MCT

Photo: REUTERS/Shannon Stapleton

Philippine-listed developer Ayala Land Inc (ALI) is taking control of property developer MCT Bhd after acquiring an additional 17.24 per cent share in the Malaysian development and construction firm.

ALI informed the Philippine Stock Exchange on Tuesday that the additional acquisition, carried out by its wholly owned subsidiary, Regent Wise Investments Limited, will bring its total holdings in MCT to 50.19 per cent from 32.95 per cent currently.

ALI said the increase in ownership will strengthen its commitment to enhance MCT’s operations and expand its business further.

“This will also provide ALI with a greater opportunity to take advantage of the growth potential and long-term prospects of the real estate sector in Malaysia and will affirm ALI’s role as a key player in the ASEAN property sector,” ALI Senior Vice-President Augusto D. Bengzon said.

In a separate statement, MCT said ALI will acquire 230,115,574 ordinary shares in MCT in a deal worth RM202.50 million ($50.4 million). The deal will also trigger a mandatory requirement for Ayala Land to bid for the rest of MCT.

In a filing to Bursa Malaysia, MCT said Regent Wise Investments Limited “will be obliged to extend a mandatory take-over offer to acquire all remaining shares which are not already held by Regent” for a cash consideration of RM0.88 per share.

MCT is an integrated property developer supported by in-house capabilities including development planning, architectural and engineering design, quantity surveying and procurement, interior design, project management and construction.

ALI, on the other hand, is engaged in the planning and development of large scale, integrated estates having a mix of use for the sale of residential lots and buildings, office buildings and commercial and industrial lots, leasing of commercial and office spaces and the development, operation and management of hotels and resorts.

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