MCT shares up 1.21% on major shareholder stake buy

PETALING JAYA: MCT Bhd's share price rose one sen or 1.21% this morning, after its major shareholder Regent Wise Investments Limited (RWIL) said it will offer to purchase every share it doesn't own at 88 sen a piece.
At 10.57am, the stock stood at 84 sen with 479,300 shares changing hands. It has a market capitalisation of RM1.1 billion.
The offer came after one of MCT's co-founders agreed to sell his 17.24% interest for RM202.5 million, triggering a mandatory general offer for the remaining shares in the group.
Yesterday, RWIL, a subsidiary of Philippine Stock Exchange listed Ayala Land Inc, 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 50.2%.