MCT major shareholder to offer 88 sen for every share it doesn’t own

PETALING JAYA: MCT Bhd’s major shareholder Regent Wise Investments Limited (RWIL) will extend the remaining shareholders of the group an offer to purchase their shares at 88 sen a piece, after one of its co-founders agreed to sell his 17.24% interest for RM202.5 million.

RWIL, a subsidiary of Philippine Stock Exchange listed Ayala Land Inc, yesterday entered into a conditional share purchase agreement with Tan Sri Goh Ming Choon to take on a controlling stake in the group. It will increase its stake from 32.95% to 50.19%.

As at July 2017, Goh had a 27.24% interest in MCT. The deal is conditional upon a waiver from Bursa Malaysia Securities Sdn Bhd to allow for 51% of the cash consideration to be settled in two tranches to Goh.

RWIL has received an exemption from making an offer to irredeemable convertible unsecured loan stocks (ICULS) holders from Securities Commission. Goh has in issuance zero-coupon of up to RM122.2 million, which is valid for 36 months from and inclusive April 1, 2015 that may be converted into shares upon the fulfillment of certain conditions, which are yet to be fulfilled.

The group’s share price was down three sen to close at 78 sen yesterday. Some 5,000 shares were traded.

MCT Bhd registered a 34.2% fall in net profit for the first quarter ended Sept 30, 2017 as the property development segment contribution declined with no new launches during the quarter and four projects nearing the tail-end of completion. This was on 39.4% lower revenue of RM94 million for the quarter.