Ayala to explore options to boost MCT's public shareholding spread

KUALA LUMPUR (Feb 7): MCT Bhd said Philippine-listed Ayala Land Inc, its major shareholder via Regent Wise Investments Ltd (RWIL), intends to explore options to boost MCT's public shareholding spread.

As at Feb 5, MCT's public shareholding spread stood at 24.65%, according to MCT's Bursa Malaysia filing today. This does not comply with the Main Market listing requirements, which specified at least 25% of a company's listed shares must be in the hands of public shareholders.

In view of this, RWIL will explore various options to rectify the public shareholding spread issue witin three months of the closing date of the offer, or such time frame as allowed by the authorities.

“The company will make the required announcement on the status of compliance of the public shareholding spread requirement, accordingly,” MCT said.

On Jan 5, RWIL, a wholly-owned subsidiary of Ayala Land, launched a mandatory offer to take over the remaining shares of MCT at 88 sen apiece. At the time, it had made clear it would maintain MCT's listing status.

This follows a conditional share purchase agreement entered into by RWIL with MCT's non-executive director Tan Sri Goh Ming Choon to acquire 230.12 million shares or a 17.24% stake in MCT for RM202.5 million cash or 88 sen per share, which raised RWIL's shareholdings in MCT from 32.95% to 50.19%.