spot_img
27.7 C
Philippines
Friday, March 29, 2024

Ayala Land hikes stake in Malaysian property firm

- Advertisement -

Property developer Ayala Land Inc. said it raised its stake in MCT Bhd of Malaysia to 72.31 percent at the end of the mandatory takeover offer Monday.

Ayala Land said in a disclosure to the stock exchange unit Regent Wise Investment Ltd. received acceptances for 295,277,782 millions shares, equivalent to 22.12 percent of MCT’s total outstanding shares.

RWIL launched an unconditional mandatory takeover offer when it purchased an additional 7.24-percent stake in MCT which increased its shareholding to 50.19 percent.

RWIL offered to purchase MCT shares held by minority investors at 0.88 ringgit per share, which represented an 4.8 percent premium to the stock’s one-month volume weight average price before the takeover offer was announced.

- Advertisement -

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

It initially acquired a 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 in the same year after it entered into call option agreements with the two founders and majority shareholders of the Malaysian firm.

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

Ayala Land head of strategic land bank management Margarita Dy said in a recent interview the company planned to expand the residential offerings of MCT in various areas.

“We plan to grow it and that is why we consolidated control. What we intend to do there is similar to what we did here in Ayala Land which is to expand their exposure across different geographical areas,” Dy said.

“We will focus on Klang Valley areas so we can grow the business faster,” she said.  Klang Valley is centered in Kuala Lumpur and includes adjoining cities and towns in the state of Selangor. 

Dy sayd while MCT had core landbank, it needed to undertake more land acquisitions to expand in other areas in Malaysia.

- Advertisement -

LATEST NEWS

Popular Articles