KUALA LUMPUR: MCT Bhd has entered into a conditional share purchase agreement (SPA) with Philippine-listed Ayala Land Inc in a RM202.50 million deal.
Ayala will acquire 230,115,574 ordinary shares in MCT for 88 sen per share, seven sen premium to the latter’s share price of 81 sen on its last trading day, December 29.
Upon completion of the proposed acquisition by Ayala through its unit, Regent Wise Investments Ltd (RWIL), its shareholdings in MCT will increase from 32.95 per cent to 50.19 per cent, triggering a mandatory requirement for Ayala to bid for the rest of MCT.
“RWIL will be obliged to extend a mandatory take-over offer to acquire all remaining shares which are not already held by RWIL and person(s) acting in concert with it for a cash consideration of RM0.88 per share,” MCT said in a filing to Bursa Malaysia.
Ayala is a public listed company on The Philippine Stock Exchange with a market capitalisation of about US$13.2 billion (or RM53.4 billion) as of December 29, 2017.
The principal activities of Ayala and its subsidiaries include engaging in the planning and development of integrated estates with a mix of use such as residential lots and buildings, office buildings and commercial and industrial lots, as well as leasing of commercial and office spaces and the development, operation and management of hotels and resorts.
Ayala also develops commercial and industrial parks and also engages in property management and construction.