Ayala Land Inc.'s mandatory takeover offer for MCT Bhd. closed with the Filipino conglomerate collecting a 72.31% stake in the Malaysian developer.

The offer launched Jan. 26 after Ayala Land subsidiary Regent Wise Investments Ltd. purchased an additional 17.24% stake in MCT as part of 202.5 million-Malaysian-ringgit agreement, which increased the Philippines-based group's interest in the target to 50.19%.

Ayala Land said 295,277,782 shares, equivalent to a 22.12% stake in MCT, were tendered for the acceptance of its bid when it closed Feb. 19.

In a separate filing, Ayala Land said it secured board approval for its proposed capital raising initiatives. The go-ahead was given for the company's plan to raise as much as 20 billion Philippine pesos by issuing retail bonds and obtaining bilateral loans, as well as raise up to 5 billion pesos through an offering of qualified buyer notes with a five-year maturation period.

Proceeds from the retail bonds offering, which will be drawn from the company's 50 billion-peso debt securities shelf, together with the bilateral loans will be used to partially finance Ayala Land's 110.8 billion-peso capital expenditure allocation for 2018, while profit from its planned issuance of qualified buyer notes will be directed toward the refinancing of the group's short-term loans.

As of Feb. 20, US$1 was equivalent to 3.90 Malaysian ringgit and 52.36 Philippine pesos.