Ayala Land Inc. (ALI) announced on Friday it has exercised its option to acquire additional shares in a Malaysian development and construction company for $92 million through its wholly owned subsidiary, Regent Wise Investments Ltd.
In a disclosure to the Philippine Stock Exchange, ALI said it acquired an additional 23.79-percent stake MCT Bhd, bringing its total shareholding in MCT to 32.95 percent from the previous 9.16 percent.
In May, ALI announced that it had entered into call options agreements to raise its interest in MCT. The deal, ALI said, could be done within a month starting October 7.
ALI said the total cost of the additional shares was $92 million, or about P4.2 billion.
“This transaction affirms ALI’s confidence in MCT’s solid track record in project execution and business strategy,” the company said in its disclosure posted on the PSE website.
MCT plans to do some integrated, mixed-use projects in Subang Jaya, Cyberjaya, and Dengkil in Klang Valley, Malaysia.
The Malaysian developer aims for a share of housing demand from the middle income and affordable market segments.