KUALA LUMPUR: Shares in integrated property developer MCT Bhd rose to a high of RM1.43 and ended the day at RM1.33, up five sen or 3.91% from its placement price of RM1.28.
The counter made its debut on the Main Market of Bursa Malaysia yesterday with 13.25 million shares done. This follows the completion of its reverse takeover of GW Plastics Holdings Bhd through the acquisition of MCT Consortium Bhd.
MCT announced that Philippine-listed Ayala Land Inc and pilgrim fund Lembaga Tabung Haji (LTH) are its anchor investors, confirming a StarBiz report.
Ayala Land, which has a market capitalisation of about RM44bil, took a 9.16% stake in the company valued at RM156.4mil through its subsidiary Regent Wise Investments Ltd.
Ayala Land announced in a filing with the Philippine Stock Exchange that the minority stake would enable it to expand its footprint in South-East Asia, in line with its diversification goals.
Bernard Vincent O. Dy, the president and chief executive officer of Ayala Land, has also been appointed a director to MCT board.
Meanwhile, LTH holds a 10% stake valued at RM170.9mil.
“The fact that we have two very prominent investors is an indication that people see value in the company in the short term and long term,” said MCT executive director Lim Kok Boon.
He added that there were potential synergies between Ayala Land and MCT, as the two parties would be able to leverage on each other’s expertise.
“They are very international in character and they have been investing all over the world. That’s probably a great synergy for us moving forward in that area,” said Lim.
MCT chief executive officer Datuk Seri Tong Seech Wi said the company had been able to maintain a gross profit margin of 44.3% on average for the last three years, due to among others, its in-house arm, which specialises in development planning, architectural and engineering design, quantity surveying and procurement, interior design, project management and construction.
“The gross profit margin can be maintained because the cost can be contained and made efficient,” Lim said.
Tong said the company would focus on the affordable housing segment in the near term, due to the current subdued property market.
“We have to strategise to come up with the right product mix and the right design so we can ride out this period,” he said.