Ayala Land acquires control of Malaysian property company
Ayala Land Inc is raising its shareholdings in Malaysian firm MCT Bhd to 50.19 percent in line with its strategy to become a major property developer in ASEAN.
In a stock exchange filing, ALI said its wholly-owned subsidiary, Regent Wise Investments Limited (RWIL), inked a deal to acquire an additional 17.24 percent interest in MCT.
The purchase of additional shares is subject to the completion of certain conditions.
ALI said the additional investment reflects its commitment to enhance and expand MCT?s operations.
“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 said.
“With ALI?s solid track record in developing large-scale, integrated, mixed-use and sustainable estates across the Philippines and in growing its diversified product lines, we believe that it is in a highly-capable position to boost the performance and enhance the value of MCT,” the Ayala-led property firm said.
RWIL is required to conduct a mandatory tender offer for the remaining shares held by MCT shareholders to comply with the laws of Malaysia once the share purchase agreement is completed.