PHILIPPINES – Philippine Stock Exchange (PSE)-listed Ayala Land, Inc. (PSE:ALI) has disclosed that it is acquiring additional shares of Malaysian development and construction company, MCT Bhd for US$92 million.
In a disclosure to the Philippine Stock Exchange before the marketing opening on Friday, Ayala Land, Inc. (PSE:ALI) said it will increase its stake in Malaysia’s MCT Bhd through its wholly-owned subsidiary, Regent Wise Investments Limited.
The additional shares will bring its total shareholding in MCT from 9.16 percent to 32.95 percent, Ayala Land said.
“This transaction affirms ALI’s confidence in MCT’s solid track record in project execution and business strategy,” the company disclosed.
MCT is poised to deliver its pipeline of integrated, mixed-use projects in Subang Jaya, Cyberjaya, and Dengkil in Klang Valley, Malaysia, which aims to capture the demand from the middle income and affordable market
On Thursday’s trading, Ayala Land Inc (PSE:ALI) ‘s stock inched higher to close at Php35.95 a share.
Ayala Land, Inc. (ALI) was organized in 1988 when Ayala Corporation decided to incorporate its real estate division into an independent subsidiary to enhance management focus on its real estate business. ALI went public in July 1991 when its class “B” common shares were listed both in the Manila and Makati Stock Exchanges. On September 12, 1997, the Securities and Exchange Commission approved the declassification of ALI’s common class “A” and common class “B” shares into common shares. – BusinessNewsAsia.com