PROPERTY giant Ayala Land Inc. plans to acquire a more significant stake in MCT Bhd, a publicly listed property developer in Malaysia.
In a disclosure to the Philippine Stock Exchange on Tuesday, ALI said its wholly owned subsidiary Regent Wise Investments Limited had recently entered into call option agreements to raise its interest in MCT to 32.95 percent from 9.16 percent. The call options are exercisable for one month beginning October 7, 2015.
The call option agreements were signed with the two founders and majority shareholders of MCT, Barry Goh Ming Choon and Tong Seech Wi, the disclosure said.
“The signing of the agreement affirms ALI’s confidence in its partnership with MCT and the synergies that will benefit both companies,” ALI said.
MCT began operations in 1999 as modular construction technology company, a builder specializing in construction, civil engineering and mechanical and electrical works through the modular construction technique. MCT Consortium subsequently ventured into property development in 2004. It has become an integrated property developer supported by in-house capabilities including development planning, architectural and engineering design, quantity surveying and procurement, interior design, project management and construction.