Ayala Land owns 72.3% of MCT as general offer closes

KUALA LUMPUR (Feb 20): Ayala Land Inc, the biggest property group in the Philippines, increased its indirect stake in MCT Bhd to 72.31% at the close of the mandatory general offer (MGO) for shares in the Malaysian firm yesterday.  

In a stock exchange filing today, MCT said Regent Wise Investment Ltd, a unit of Ayala, has acquired an additional 22.12% stake, representing 295.28 million shares between Jan 27 and Feb 19, adding to the 50.19% stake in MCT held by Regent Wise as at Jan 26. 

MCT’s other substantial shareholder includes Lembaga Tabung Haji with a 10% stake. 

Ayala intends to keep the listing status of MCT. It was reported on Feb 7 that Ayala intends to explore options to increase MCT’s public shareholding spread to at least 25%, in accordance with Bursa Malaysia’s Main Market listing requirements, within three months from the closing date of the MGO. — theedgemarkets.com

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