MCT stake purchase will harness growth, says Ayala Land

KUALA LUMPUR: The acquisition of an additional 17.24% stake in MCT Bhd will allow Ayala Land Inc to harness more growth opportunities in Asean, said the Philippines real-estate developer.

Ayala Land, through its unit Regent Wise Investments Ltd (RWIL), recently signed a share purchase agreement to acquire the additional equity interest in the development and construction firm, bringing its shareholding to 50.19%.

MCT has a majority of its landbank still undeveloped and plans to tap new synergies with Ayala Land to accerate the company growth as a key property player in Malaysia and elsewhere, said Ayala Land in a press release issued on Thursday.

“We are preparing MCT for the long-term with a strategic plan that will position the company to maximise on opportunities moving forward,” said MCT chief executive officer Jose Juan Jugo.

He added that optimising resources and building a strong pipeline of innovative project will further enhance shareholder value.

Ayala Land's acquisition of additional shares in MCT through RWIL required it to extend an unconditional mandatory take-over offer to acquire all remaining shares of the company that are not already held by RWIL, following the completion of certain conditions to the share purchase agreement.