MANILA - Ayala Land Inc. said Tuesday it was taking majority control of Malaysian development and construction firm MCT Bhd.
Ayala Land told the stock exchange that its wholly-owned subsidiary, Regent Wise Investments Limited, was acquiring an additional 17.24 percent share in MCT Bhd, bringing its total holdings to 50.19 percent.
The share purchase will allow Ayala Land to take advantage of the growth potential of the real estate sector in Malaysia as it positions itself as a key player in Southeast Asia's property sector, the Filipino firm said.
"With ALI’s solid track record in developing large-scale, integrated, mixed-use and sustainable estates across the Philippines and in growing its diversified product lines, we believe that it is in a highly-capable position to boost the performance and enhance the value of MCT," the company said in a statement.
MCT Bhd specializes in mixed-use projects that include retail, office, hotel and mid-to-affordable residential units. It has several ongoing projects in OneCitySubang Jaya and Cyberjaya in Malaysia.