MCT will not seek alternative takeover offer

KUALA LUMPUR (Jan 11): MCT Bhd, which recently received a takeover offer from its major shareholder Regent Wise Investments Ltd (RWIL) at 88 sen per share, said it will not seek an alternative person to make a takeover offer for the offer shares.

In a filing with Bursa Malaysia yesterday, MCT said Kenanga Investment Bank Bhd has been appointed as the independent adviser to advise the board and the company's minority shareholders on the offer.

On Jan 5, RWIL, a wholly-owned subsidiary of Philippine-listed Ayala Land Inc, had launched a mandatory offer to take over the remaining shares of MCT at 88 sen apiece.

This follows a conditional share purchase agreement entered into by RWIL with MCT's non-executive director Tan Sri Goh Ming Choon to acquire 230.12 million shares or a 17.24% stake in MCT for RM202.5 million cash or 88 sen per share. Upon completion of the acquisition, RWIL's shareholdings in MCT will increase from 32.95% to 50.19%.

Ayala Land had said the increase in ownership of MCT will provide it 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 Ayala Land's role as a key player in the Asean property sector.

MCT shares closed down one sen or 1.13% at 87.5 sen yesterday, with 14.19 million shares done, bringing a market capitalisation of RM1.17 billion. — theedgemarkets.com

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