PROPERTY firm Ayala Land, Inc. (ALI) plans to increase its stake in Malaysian development and construction firm MCT Bhd as part of efforts to increase its presence in the Malaysian market and become a major property player in the Asean region.
ALI Chief Finance Officer Augusto Bengzon told the local bourse the company is raising its stake in MCT from the current 32.95 percent to 50.19 percent.
“[T]hrough its wholly-owned subsidiary, Regent Wise Investments Limited (RWIL), [Ayala Land] signed a share purchase agreement to acquire an additional 17.24 percent share in MCT Bhd,” he said.
The company executive said the increase in ownership would strengthen Ayala Land’s plan to bolster its presence in the Malaysian market with the growth potential seen in the country’s real estate sector, as well as to support its vision to become a major property player in the Asean region.
Bengzon added the move by Ayala Land would also allow MCT to boost its operations and expand its business further.
“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,” he added.
In April 2015, Ayala Land entered the Malaysian market with its acquisition of a 9.16 percent stake in MCT, formerly known as GW Plastics Holdings Berhad, for $43 million or P1.91 billion. Six months later, Ayala Land raised its share in MCT to 32.95 percent for $92 million.
MCT Bhd is listed under the Main Board of Bursa Malaysia Securities Berhad.