Petaling Jaya: Ayala Land Inc.’s (ALI) additional stake in development and construction firm MCT Bhd (MCT) is seen as a positive catalyst for the company which will allow it to harness more opportunities for growth in the ASEAN market.

ALI, through its wholly-owned subsidiary, Regent Wise Investments Limited (RWIL), recently signed a share purchase agreement to acquire an additional 17.24% share in MCT -- bringing ALI’s shareholding in MCT to 50.19% from 32.95%.

With a great majority of its landbank still undeveloped, MCT plans to tap new synergies with ALI that will accelerate the company’s growth as a key property player in the Malaysian market and beyond.

The group believes that, given ALI’s excellent track record in developing large-scale, integrated, mixed-use estates as well as growing diversified product lines, its increase in ownership of MCT will only enhance operations and expand the business further.

“We are preparing MCT for the long-term with a strategic plan that will position the company to maximize on opportunities moving forward,” said MCT chief executive officer Jose Juan Jugo.

Along with increasing land bank size and expanding to new markets, Jugo believes that optimizing resources and building a strong pipeline of innovative projects will further enhance shareholder value.

Commencing operations in 1999 with a total paid-up share capital of RM250,000, MCT is one of the larger property counters listed on the Malaysian stock exchange today with a market capitalization of over RM1 billion.

As an integrated developer, its business is divided into property, construction and other related businesses such as property management and utilities.

ALI’s acquisition of additional shares in MCT through RWIL also required it to extend an unconditional mandatory take-over offer to acquire all remaining shares of the company that are not already held by RWIL, following the completion of certain conditions to the share purchase agreement.

Ayala Land is the Philippines’ leading developer of sustainable estates and one of the largest property developers in the ASEAN region.

It offers a diverse mix of properties such as residential, retail, office, hotels, and leisure developments, that support local economic growth and nation-building.

It is the real estate arm of Ayala Corporation, one of the largest and pioneering conglomerates in the Philippines.