Ayala Land taking control of MCT

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KUALA LUMPUR: Ayala Land Inc's unit Regent Wise Investments Ltd has entered a share purchase agreement (SPA) with Tan Sri Goh Ming Choon, a major shareholder of MCT Bhd, for the purchase of 230.11 million shares or 17.24% stake in the company for RM202.5mil cash.

Regent Wise Investments is a wholly owned subsidiary of Philippines-based property developer Ayala Land Inc, and is the single-largest shareholder of MCT with 32.95% stake currently.

The agreement, which values the stake in MCT at 88 sen a share, will increase Regent Wise's equity interest in the company to 50.19%. 

Should the SPA become unconditional, Regent Wise will be obliged to extend a mandatory take-over offer to acquire all the remaining shares it does not already own for 88 sen a share.

It had been reported earlier in 2017 that Goh and another major shareholder, Datuk Seri Tong Seech Wi, were in negotiations for the sale of their stakes to Ayala Land.

Trading in MCT was halted at 2.49pm and will resume from 3.49pm. At the time of the trading halt, the counter was trading three sen or 3.78% lower at 78 sen a share.