Source: The Star

KUALA LUMPUR: Philippines-based property developer Ayala Land Inc’s unit Regent Wise Investments Ltd will buy some 230 million shares in Bursa Malaysia-listed property counter MCT Bhd for RM202.5mil cash, or 88 sen per share, upping its current stake in the firm from 32.95% to 50.19%.


Regent Wise will be acquiring the shares from Tan Sri Goh Ming Choon, another major shareholder of the company, the firm said in an announcement to Bursa Malaysia.


Based on recent stock exchange stake filings, Goh will then see his interest in the company reduced to 10.204% from 27.244% once the sales and purchase agreement (SPA) which has been entered into by both parties, is effected.


Upon fulfilment of the conditions precedent under the SPA, Regent Wise will be obliged to extend a mandatory takeover offer to acquire all the remaining shares it does not already own in MCT for 88 sen a share.


MCT said the board will appoint an independent adviser upon receipt of the notice of the offer, to advise the board and holders of the offer shares and provide their comments, opinions, information and recommendation on the offer.


“In the event that the condition precedent under the SPA is not satisfied or not waived by Regent Wise, the offer will not be made by the offeror and the vompany will issue an announcement, upon receipt of notice from the offeror, confirming the fact as soon as reasonably practicable,” it added.


Trading in MCT was halted for an hour from 2:49pm yesterday. At the time of the trading halt, the counter was lower by three sen or 3.78% at 78 sen a share.


After trading resumed at 3:49pm the counter moved up and closed the trading day higher by two sen at 83 sen with 542,700 shares changing hands.


In the stock exchange announcement, MCT said Regent Wise is a wholly-owned subsidiary of Ayala Land which is listed on The Philippine Stock Exchange with a market capitalisation of approximately US$13.2bil (RM53.4bil) as of Dec 29, 2017.


The principal activities of Ayala and its subsidiaries are that of engaging in the planning and development of integrated estates with a mix of use such as residential lots and buildings, office buildings and commercial and industrial lots, as well as leasing of commercial and office spaces and the development, operation and management of hotels and resorts.


Ayala develops commercial and industrial parks and also engages in property management and construction, it said.