Property giant Ayala Land Inc. (ALI) expanded its reach in the Association of Southeast Asian Nations (Asean) region with its purchase of a minority stake in a Malayan township.

In a disclosure to the Philippine Stock Exchange, ALI said its wholly owned unit, Regent Wise Investments Limited, has acquired a 9.16-percent interest in Malaysian real estate firm MCT Bhd. through a $43-million or P1.9-billion private placement.

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