The developer at the centre of the saga, One City Development Sdn Bhd, is wholly-owned by Bursa Malaysia-listed MCT Bhd through MCT Consortium Bhd.
MCT Bhd is 66.25% controlled by Ayala Land Inc - the property arm of Ayala Corporation of Philippines.
Ayala Corp is one of the Philippines' oldest and largest conglomerates.
It has wide-ranging business interests in property, banking, telecommunications, water, power to healthcare and education.
Ayala Land, which is best known for its fully integrated developments, which include estates, residences, malls, offices as well as hotel and resorts, is listed on the Philippine Stock Exchange.
Ayala emerged as a shareholder in MCT in April 2015 when it took up a 9.16% stake in MCT. This was part of a private placement of shares at a price of RM1.28 a share soon after MCT’s listing on Bursa Malaysia.
Six months later, it raised its shareholdings in MCT to 32.95%. Ayala further increased its ownership early this year and now controls 66.25% of the company.
According to its recently released annual report, MCT has a total landbank of 514.7 acres, out of which 142.2acres is currently being developed.
MCT Bhd’s other substantial shareholders are Tan Sri Barry Goh, who co-founded the company.
Goh owns now a 10.46% stake, while pilgrim fund Lembaga Tabung Haji holds 9.16%.