Ayala Land raises stake in Malaysian construction firm

MANILA — A wholly-owned subsidiary of property developer Ayala Land Inc. (ALI) has increased its stake in Malaysian development and construction firm MCT Bhd in over half after signing a deal to acquire additional 17.24-percent stake for RM202.5 million (roughly PHP2.49 billion).

ALI told the local bourse that Regent Wise Investments Limited (RWIL) signed a share purchase agreement to buy 230,115,574 MCT shares, bringing its stake in the investment holding to 50.19 percent.

“The increase in ownership will strengthen ALI’s commitment to enhance MCT’s operations and expand its business further,” it said.

The additional acquisition represents 17.24 percent of MCT’s total outstanding shares.

This requires RWIL to conduct a mandatory take-over offer in accordance with the laws of Malaysia.

A listed company on the main market of Bursa Securities in Malaysia, MCT’s subsidiaries are involved mainly in property development, property management, property investment and construction businesses. (PNA)