Malaysian developer MCT Bhd. said it is considering a private placement, as well as convincing its major shareholders to sell their shares to public shareholders in order to meet the required public spread by the country's Bursa Securities.
MCT's public shareholding spread is at 23.30% as of May 30, which falls below Bursa Securities' listing requirement of a minimum 25% spread, the company said in a filling.
Philippine developer Ayala Land Inc. now owns a 72.31% stake in MCT after closing a mandatory offer in February.
MCT has until Aug. 4 to comply with the rule.
