MCT rises 4.14% on takeover offer from Ayala Land

KUALA LUMPUR (Jan 8): MCT Bhd rose 4.14% at the opening bell today after it received notice of an unconditional takeover offer at 88 sen per share from Philippine-listed Ayala Land Inc, after the latter raised its stake in MCT to 50.19%.

At 9am, MCT was up 3.5% to 88 sen with 236,900 shares traded.

The takeover offer after the share purchase agreement (SPA) for the stake buy became unconditional today following the receipt of a waiver from Bursa Malaysia, MCT said in a stock exchange filing.

As such, Ayala, which is undertaking the takeover via its wholly-owned unit Regent Wise Investments Ltd (RWIL), is obliged to extend the takeover offer.

On Tuesday, MCT said it had received a letter of notification from RWIL that it had entered into a conditional SPA with MCT's non-executive director Tan Sri Goh Ming Choon to acquire a 17.24% stake in MCT for RM202.5 million in cash, or 88 sen per share, raising RWIL's stake to 50.19% from 32.95%.

The agreement was conditional upon a waiver being obtained from Bursa to allow for 51% of the cash consideration to be settled in tranches to Goh. — theedgemarkets.com