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Manila Bulletin devider devider ALI buys more shares in Malaysian developer

ALI buys more shares in Malaysian developer

Published Feb 21, 2018 12:00 am
By James A. Loyola Ayala Land, Inc., (ALI) one of the country’s top property developers, has increased its stake in Malaysian development and construction company, MCT, Bhd. (MCT) by soaking up more shares under an unconditional mandatory take-over offer. In a disclosure to the Philippine Stock Exchange, ALI said its subsidiary Regent Wise Investments Limited (RWIL) has received acceptances for 295.28 million MCT shares equivalent to a 22.12 percent interest. This transaction will increase ALI’s shareholdings in MCT from 50.19 percent to 72.31 percent. The take-over offer was made in connection to ALI’s acquisition of an additional 17.24 percent stake in MCT which increased its shareholding to 50.19 percent. Prior to this, in October 2015, ALI invested an additional US$92 million to raise its stake in MCT to 32.95 percent from 9.16 percent. Regent Wise had entered into the call option agreements last May with the two founders and majority shareholders of MCT, Barry Goh Ming Choon and Tong Seech Wi. The call options are exercisable for one month beginning on October 7, 2015. ALI, through Regent Wise had invested US$43 million or P1.9 billion to buy the initial 9.16 percent stake in MCT which was still called GW Plastics Holdings Bhd. First established in 1999 as a construction company, MCT is a property development company specializing in mixed-use projects that include retail, office, hotel, and mid- to affordable residential. The company is able to deliver projects at lower costs by adhering to a modular construction technique and by being an integrated builder with an in-house design team, in-house trading company, direct execution of specialist works and its own pre-cast and ready-mixed concrete plants. By partnering with a company such as MCT, Bhd., Ayala Land said it will be expanding its footprint in Southeast Asia in line with its diversification goals and sets the platform for growth in Malaysia. ALI president Bobby Dy noted that Malaysia is one of the fastest growing economies in the world and "shows a lot of opportunities" with its population of 30 million, over 5 percent economic growth in the past years, and a per capita GDP of $10,000. Dy also said the Malaysia entry is part of the company's effort to be a significant property player in the Southeast Asian market, where it has in the past announced looking into opportunities in Myanmar and Vietnam.
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