Performance Review
For the quarter
The Group recorded revenue of RM107 million for the current period ended 30 June 2019, a 5%
improvement from the previous quarter. This is backed by the pick-up in the construction progress
from the festive season. The Group expects construction progress to pick-up moving ahead as the
Group expects to handover three projects by early 2020.
Expenses recorded was RM35 million during the quarter, up from RM22 million from the previous
quarter. This is mainly attributed by the increase in sales and marketing expenses of RM3 million
which is in line with the increased in sales. In addition, unrealised loss on foreign exchange and
maintenance expenses for the investment properties held at SkyPark @ Cyberjaya also contributed
to the said increase.
For the current period to date
The Group recorded revenue of RM210 million for the 6 months period ended 30 June 2019. Savings
realised from SkyPark @ Cyberjaya coupled with the improvement of construction progress has
contributed to the revenue and profit recognition for the period. Property development segment
contributed to 95% of the total revenue of the Group.
Gross profit margin remained healthy at 30% as the contribution from low margin products such as
PR1MA Homes were the main revenue drivers.
The lower effective tax rate of 21% as compared to the statutory tax rate of 24% is mainly due to the
utilisation of business losses arising from certain subsidiaries.
Profit after tax was RM8 million at 4% net profit margin following the increase in expenses incurred
which coincided with the slow construction progress for the same period.

:) come to end son :)

litigation
(a) There was a suit filed on 4 December 1996 by Chellappa A/L Kalimuthu (suing as a public
officer of Sri Maha Mariamman Temple, Hicom, Shah Alam, Selangor pursuant to Section 9(c)
of the Society Act 1996) on behalf of a society (“Society”) (“Plaintiff”).
A writ of possession (“Writ”) vide “Permohonan Perlaksanaan No. 37WP-44-12/2015” was
issued by the High Court on 22 December 2015 and subsequently served by the Court Bailiff
to the Indian Temple, Kuil Sri Maha Mariamman (“Existing Temple”) on 30 May 2016. On 10
June 2016, One City Development Sdn Bhd ("OCD")’s solicitors applied to court to extend the
Writ. The Court has granted its Order on 22 December 2016. The Writ and the Order for
extension of time has been served by the Court Bailiff to the Existing Temple on 18 May 2017.
The parties occupying the Existing Temple have failed to deliver the vacant possession of the
Land to OCD. The Writ expired on 21 June 2017. OCD’s solicitors had applied for a fresh Writ
on 12 October 2017 and judgement has been obtained on 14 November 2017.
The sealed order of the same was extracted on 13 December 2017. The validity of the Writ is
for one year from 5 December 2017 until 4 December 2018.
On 28 September 2018, the court bailiff on instructions of OCD presented a notice to illegal
occupiers of the Land to vacate the premise by 15 October 2018.
On 25 October 2018, the exercise for possession of Land and subsequent relocation of the
temple was carried out. However, due to the advice of the Selangor State Government and
an appeal by Federal and Local politicians, OCD agreed to defer the said exercise until after
Deepavali.
On a separate note, a fresh suit was filed by new plaintiffs claiming to be temple devotees
against the legitimate council, OCD, the Selangor State Government and the Registrar of
Societies. The cause of action was premised primarily on the same causes previously claimed
by the Plaintiffs.
The new plaintiffs have also filed an intervener action and also a stay of execution of the order
of possession on 12 October 2018 but were both dismissed with costs. They had also
appealed on the said decision by the High Court Registrar but the appeal was dismissed on
13 December 2018. Therefore, this case is deemed to be concluded.
Two fresh suits were filed by alleged devotees against the all parties to the consent judgement.
On 13 February 2019, the High Court had dismissed the alleged devotees claims in one of
the suits for an interlocutory injunction and were also ordered to pay damages to OCD. In
relation to the other suit, the Court had also struck out the Plaintiff’s claim against OCD on 10
April 2019. Therefore, this case is also deemed to be concluded.
On 28 May 2019, OCD had informed the court that OCD would like to withdraw the application
for direction of assessment of damages with liberty to file afresh and the Court has allowed
OCD’s application thereof.
Another originating summons was filed by Chellappa A/L Kalimuthu seeking a declaration,
amongst others, that the affairs of the temple are subject to a constructive trust for religious
purposes as well as seeking directions for the administration and management of the temple
and the vesting of immovable property(ies) (if any) of the temple, or to be donated to the
temple, or to be acquired for the benefit of the temple to the Court appointed Trustees, and
the intervention of the Attorney General of Malaysia in respect of matters concerning the
affairs of the temple.
OCD responded by filing an affidavit in reply on 30 May 2019 and a supplemental affidavit on
12 July 2019.
On 8 August 2019, the plaintiff’s solicitors informed the Court that they do not intend to file any
further affidavit in reply to OCD’s affidavits. The Court then directed the plaintiff to file core
bundles and written submissions first, and fixed the next case management date on 10
September 2019 pending filing of submissions. OCD are at liberty to also file submission by
10 September 2019.

:)

Teh Heng Chong is new MCT CEO
Chong Jin Hun
/
The Edge Financial Daily

February 15, 2019 11:21 am +08

This article first appeared in The Edge Financial Daily, on February 15, 2019.


-A+A
KUALA LUPUR: Property developer MCT Bhd announced yesterday that Teh Heng Chong will be its new chief executive officer (CEO) and executive director, effective March 4.

The announcement came after the group announced a slew of boardroom changes on Jan 23, including the resignation of its then CEO, Jose Juan Z Jugo, and chief financial officer Maria Rochelle S Diaz, which took immediate effect.

In November last year, MCT was thrust into the limelight when riots broke out at the Seafield Sri Maha Mariamman Temple in Subang Jaya, over the temple’s relocation from its current site at USJ 25. The land on which the temple is situated belongs to MCT’s wholly-owned subsidiary, One City Development Sdn Bhd.

MCT is 66.25%-controlled by Ayala Land Inc, the property arm of Ayala Corporation of the Philippines.

Analysis of
Shareholdings
As at 28 September 2018

Distribution of Shareholdings
Size of Shareholding No. of Holders % of Holders No. of Holdings % of Issued
Share Capital
Less than 100 62 6.38 1,607 0.00
100 to 1,000 421 43.31 112,987 0.01
1,001 to 10,000 313 32.20 1,893,059 0.13
10,001 to 100,000 138 14.20 3,928,391 0.27
100,001 to less than 5% of issued shares 33 3.40 266,737,222 18.30
5% and above of issued shares 5 0.51 1,184,322,205 81.29
Total 972 100.00 1,456,995,471 100.00

COMPANY / Address
Land
Area
(AcRES) Existing use Tenure
Approximate
age of the
building
Remaining
useful life
of building
Net Book
Valueas at
30.06.2018
Year of
acquisition/
Year of
completion*
Nexus Advertising SDN. BHD.
Lot PT9303, Mukim Damansara,
Daerah Petaling,
Selangor Darul Ehsan
2.91 Land held for
investment
Leasehold
expiring
21.04.2086
NA NA 5,481,911 11.06.2012
Lot 3675, Mukim Damansara,
Daerah Petaling,
Selangor Darul Ehsan
1.92 Land held for
investment
Leasehold
10.08.2086
NA NA 11.06.2012
Undersea City Sdn. Bhd.
Lot 589, GM202,
Mukim Damansara,
Kg Bukit Lanchong,
47650 Daerah Petaling
3.00 Land held for
investment
Freehold NA NA 6,450,000 15.12.2015
The Place Properties Sdn. Bhd.
The Place @ Cyberjaya,
Jalan Teknokrat 1/1, Cyberjaya,
63000 Selangor Darul Ehsan
458,454 Basement
carpark and
retail lots
Freehold 3 years NA 30,054,232 31.03.2015*
Sky Park @ One City,
Jalan USJ 25/1,
47650 Subang Jaya, Selangor
96,810 Retail lots Freehold 5 years NA 48,149,334 16.12.2013*

LIST OF PROPERTIES HELD
COMPANY / Address
Land
Area
(AcRES) Existing use Tenure
Approximate
age of the
building
Remaining
useful life
of building
Net Book
Valueas at
30.06.2018
Year of
acquisition/
Year of
completion*
Timeless Hectares Sdn. Bhd.
Lot 0108632, Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
23.10 Lakefront
(Land under
Development)
Freehold NA NA 34,506,960 25.03.2011
Lot 0108633, Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
15.96 Lakefront
(Land under
Development)
Freehold NA NA 25.03.2011
Lot 0108634, Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
18.78 Lakefront
(Land under
Development)
Freehold NA NA 24,845,000 25.03.2011
Lot 0108636, Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
2.15 Lakefront
(Land under
Development)
Freehold NA NA 25.03.2011
Solid Recommendation Sdn. Bhd.
Lot 47336 Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
11.13 Skypark @
Cyberjaya
(Land under
development)
Freehold NA NA 43,160,000 22.09.2010
Solid Benefit Sdn. Bhd.
Lot 104161 Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
73.83 Cybersouth
(Land held for
development)
Leasehold
expiring
01.02.2104
NA 86 5,259,154 2008
Lot 104162 Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
124.47 Cybersouth
(Land held for
development)
Leasehold
expiring
01.02.2104
NA 86 8,866,407 2008
Lot 104163 Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
54.51 Cybersouth
(Land held for
development)
Leasehold
expiring
01.02.2104
NA 86 3,882,214 2008
Lot 104164 Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
48.65 Cybersouth
(Land held for
development)
Leasehold
expiring
01.02.2104
NA 86 3,465,500 2008
Lot 47955 Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
115.5 Cybersouth
(Land held for
development)
Leasehold
expiring
20.07.2104
NA 86 8,226,733 2009
One City Development Sdn. Bhd.
Lot 81278 Mukim Damansara,
Daerah Petaling,
Selangor Darul Ehsan
14.35 One City
Phase 3
(Land held for
development)
Freehold NA NA 10,907,612 1998
Lot 91374 Mukim Damansara,
Daerah Petaling,
Selangor Darul Ehsan
2.90 One City
Phase 3
(Land held for
development)
Freehold NA NA 2,592,388 2012
Vista Global Development Sdn. Bhd.
Lot PT12016, Mukim Dengkil,
Daerah Sepang,
Selangor Darul Ehsan
7.20 Cyber ONE
(Land held for
investment)
Freehold NA NA 31,371,912 20.09.2013

Mr. Ching Hong Seng was appointed as Alternate
Director to Tan Sri Dato’ Sri Goh Ming Choon
on 13 August 2018.
He holds a Bachelor Degree in Accounting from
University of Malaya and he is a member of the
Malaysian Institute of Certified Public Accountants
(MICPA) and Malaysian Institute of Accountants (MIA).
He started his accounting and auditing career in
Messrs. Pricewaterhouse in 1998 before enhancing his
career by joining a medium-sized audit firm in 2002 to
lead the auditing and merger and acquisitions team.
He left the professional service industry and joined
Kumpulan Hartanah Selangor Berhad as a Senior
Manager, Finance in 2004 and went on to assume
the position as General Manager, Finance until 2012.
During his tenure, he also held several Director
positions within the subsidiary companies which
include SAP Holdings Berhad and Central Spectrum
(M) Sdn Bhd. After that, he went into freelance
consultancy services.
Currently, he holds the position as a Personal Finance
Officer to a chairman of a listed company.
He does not hold any other directorship in public
companies and listed issuers in Malaysia.

Mr. Lao Chok Keang was appointed as an Independent
Non-Executive Director on 24 February 2017 and was
subsequently appointed as the Chairman of the Audit
and Risk Management Committee.
He started his career in a public accounting firm
and is a member of the Malaysian Institute of
Accountants.
He has held several senior management positions in
large property development companies which include
being the Chief Operating Officer of Saujana Triangle
Sdn Bhd, the developer for the 800-acre township
development known as Damansara Perdana in
Petaling Jaya, Selangor. He was also the Director of
Murray Riverside Pty Ltd, the developer of a 1,000-
acre mixed development in Western Australia.
In 2004, he joined Setia Haruman Sdn Bhd, the
Master Developer of Cyberjaya, as Director/Chief
Operating Officer and has since been responsible for
the overall performance of the company. In 2013, he
assumed the position of Executive Director of Setia
Haruman Sdn Bhd. He was re-designated as Director/
Business Advisor in May 2016.
He attended all eight (8) Board Meetings held during
the financial year ended 30 June 2018.
He does not hold any other directorship in public
companies and listed issuers in Malaysia.

Tan Sri Dato’ Hj. Abd Karim Bin Shaikh Munisar,
PSM, DSSA, SSA, KMN, ASA, was appointed to the
Board as Independent Non-Executive Director on
22 December 2015. He was later re-designated
as Chairman of the Nomination Committee on
24 February 2017. He also served as a member of the
Audit and Risk Management Committee and the
Remuneration Committee.
Tan Sri Dato’ Hj. Abd Karim holds a Master in
Business Administration (Business Finance) from
University of Edinburgh, Advanced Diploma in
Economic Development (with Distinction) from
University of Manchester, United Kingdom and
Bachelor of Economics (Hons) from University of
Malaya. He also attended an Advance Course in
Urban Planning JICA in Tokyo, Japan.
In 1974, Tan Sri Dato’ Hj. Abd Karim was the
Assistant Director at the Ministry of Finance,
Malaysia. Between 1975-1980, he held different
positions in various districts in the state of Perak as
Assistant District Officer, Kinta; Chairman of Kinta
District Council; Assistant District Officer 1, Kampar;
Chairman of Kampar/Gopeng Municipal Council and
also Assistant State Secretary of Perak (UPEN).
Tan Sri Dato’ Hj. Abd Karim was the Chief Assistant
District Officer 1 (Land) of Kuantan District Office and
Chief Assistant State Secretary of Pahang (Housing
Division) in 1980; Deputy Director of Klang Valley
Planning Secretariat, Prime Minister Department
in 1982; Chief Assistant State Secretary of Selangor
(Local Authority Division) in 1987.
Tan Sri Dato’ Hj. Abd Karim also served as the
President of Ampang Jaya Municipal Council from
1992 to 1996. He had an outstanding career in the
government sector and was the President of Petaling
Jaya Municipal Council in 2003 and 2004. Prior to
that, he was the District Officer cum Acting President
of Sepang District Council from 1998-2003. In 2005,
he agreed to join the corporate sector and was
appointed as President of Kumpulan Darul Ehsan
Berhad. Tan Sri Dato’ Hj. Abd Karim was previously
the Executive Chairman of various companies listed
in Bursa Malaysia such as Kumpulan Perangsang
Selangor Berhad, Kumpulan Hartanah Selangor
Berhad and Chairman of Taliworks Corporation
Berhad from 2004 to 2011.
He was also Chairman of various other companies
namely Konsortium Abass Sdn Bhd, Titisan Modal
Sdn Bhd, Central Spectrum Sdn Bhd, Cekal Tulin
Development Sdn Bhd, JAKS-KDEB Consortium Sdn
Bhd, Hydrovest Sdn Bhd and Perangsang Hotel &
Properties Sdn Bhd. In addition, Tan Sri Dato’ Hj. Abd
Karim was also a member of the Board of Directors
for Syarikat Bekalan Air Selangor Sdn Bhd (Syabas),
Syarikat Pengeluaran Air Selangor Holdings Berhad
(Splash), Cyberview Sdn Bhd and Alam Flora Sdn Bhd.
He attended all eight (8) Board Meetings held during
the financial year ended 30 June 2018.

Ms. Anna Maria Margarita Bautista Dy was appointed
to the Board as Non-Independent Non-Executive
Director on 7 May 2015 and served as a member of the
Audit and Risk Management Committee.
She is presently the Senior Vice President and
a member of the Management Committee
of Ayala and Head of Strategic Landbank
Management. Her other significant positions
are: Director and Executive Vice President of Fort
Bonifacio Development Corporation; Director
of Cebu Holdings, Inc.; Director and President of
Nuevocentro, Inc. and Alviera Country Club, Inc.;
Director of Aurora Properties, Inc., Vesta Properties
Holdings, Inc., CECI Realty, Inc., and Next Urban
Alliance Development Corp.
Prior to joining Ayala, she was the Vice President of
Benpress Holdings Corporation.
She graduated magna cum laude from Ateneo De
Manila University with a Bachelor of Arts Degree
under the university’s Economics Honors Program.
She earned her Master’s Degree in Economics from
London School of Economics and Political Science in
United Kingdom and her MBA at Harvard Business
School in Boston, USA.
She attended four (4) out of eight (8) Board Meetings
held during the financial year ended 30 June 2018.
She does not hold any other directorship in public
companies and listed issuers in Malaysia.

Mr. Bernard Vincent Olmedo Dy was appointed to the
Board as Non-Independent Non-Executive Director
on 3 April 2015, and is a member of the Remuneration
Committee and the Nomination Committee.
He is the President and Chief Executive Officer
of Ayala and also the Chairman of Prime Orion
Philippines, Inc. He received his Undergraduate
Degree in Business Administration from the
University of Notre Dome in 1985 and earned his
Master’s Degree in Business Administration and M.A.
in International Relations from the University of
Chicago in 1989 and 1997 respectively.
In 2015, he was inducted as a member of the
Advisory Council of the National Advisory Group
for the Police Transformation Development of
the Philippine National Police and in 2017, he was
elected Vice Chairman of the Junior Golf Foundation
of the Philippines.
Prior to joining Ayala in 1997, he spent 16 years outside
of Philippines and held senior regional roles for
multinational companies in Hong Kong and China.
He attended six (6) out of eight (8) Board Meetings
held during the financial year ended 30 June 2018.
He does not hold any other directorship in public
companies and listed issuers in Malaysia.

Tan Sri Dato’ Sri Goh Ming Choon was appointed
to the Board as Non-Independent Executive
Deputy Chairman on 1 April 2015 and he was later
re-designated as Non-Independent Non-Executive
Director on 30 November 2016.
Tan Sri Dato’ Sri Goh holds a Diploma in Technology
(Electronic Engineering) from Tunku Abdul Rahman
College (now known as Tunku Abdul Rahman
University College) conferred in 1990.
Tan Sri Dato’ Sri Goh has over 19 years of working
experience in property development and
construction, and has been involved in the civil
construction business since 1997. He together with
Dato’ Sri Tong Seech Wi and Dato’ Goh Meng Keong
are the founders of Modular Construction Technology
Sdn. Bhd., which commenced operations in 1999.
He was also instrumental in the incorporation of
MCT Consortium Sdn. Bhd. (now known as MCT
Consortium Bhd.) in 2004 to restructure B&G Capital
Resources Berhad and Modular Construction
Technology Sdn. Bhd. to focus on property
development, investment and construction.
Tan Sri Dato’ Sri Goh is currently the Chairman and
Executive Director of BGMC International Limited,
a company listed in the main board of The Stock
Exchange of Hong Kong Limited on 9 August 2017.
Tan Sri Dato’ Sri Goh is also currently the Chairman
and Executive Director of Kingsley Edugroup Limited,
a company listed in the GEM of The Stock Exchange of
Hong Kong Limited on 16 May 2018.
Tan Sri Dato’ Sri Goh attended five (5) out of eight (8)
Board Meetings held during the financial year ended
30 June 2018.
He does not hold any other directorship in public
companies and listed issuers in Malaysia.

Jose Juan Z. Jugo
Non-Independent Executive Director and
Chief Executive Officer
B oar d Meet i n g Atten d ance
7/8
Mr. Jose Juan Z. Jugo was appointed to the Board
as Non-Independent Non-Executive Director on 20
January 2017 and subsequently was re-designated
as Non-Independent Executive Director and Chief
Executive Officer on 15 March 2017.
He finished his graduate studies in 1995 at the Escuela
Superiór de Estudios de Márketing de Madrid in
Spain with a Masters in Marketing and Commercial
Management. From 1996 to 2000, he held
management positions in San Miguel Corporation
and Avon Cosmetics, Inc.
He was a Vice President in Ayala prior to joining MCT.
There, he last held the position of Managing Director
of Ayala Land Premier, the residential brand that
addresses the luxury market in the Philippines.
He holds board positions in private Philippines-based
corporations Ayala Hotels, Inc., BG West Properties,
Inc., Aviana Development Corporation, Serendra, Inc.,
South Portal Properties, Inc., Verde Golf Corporation,
OLC Development Corporation, and Amicassa Process
Solutions, Inc.
He is currently serving as an Executive Director on the
Board of the Group.
He attended seven (7) out of eight (8) Board Meetings
held during the financial year ended 30 June 2018.
He does not hold any other directorship in public
companies and listed issuers in Malaysia.

Tan Sri Dato’ Sri Abi Musa
Asa’ari Bin Mohamed Nor
Independent Non-Executive Director and
Chairman
B oar d Meet i n g Atten d ance
8/8
Tan Sri Dato’ Sri Abi Musa Asa’ari Bin Mohamed
Nor was appointed to the Board as an Independent
Non-Executive Director on 1 April 2015 and was
subsequently re-designated as the Chairman of the
Company on 3 April 2015. He is the Chairman of the
Remuneration Committee and serves as a member of
the Audit and Risk Management Committee and the
Nomination Committee.
Tan Sri Dato’ Sri Abi Musa Asa’ari holds a Bachelor of
Economics (Hons) from University of Malaya and D.D.A
from University of Birmingham, United Kingdom.
He obtained a Master in Business Administration
from University of Birmingham, United Kingdom.
He also holds an Honorary Doctorate in Economic
Management from Universiti Pendidikan Sultan Idris.
Tan Sri Dato’ Sri Abi Musa Asa’ari has served the
Malaysian Government for 33 years in various
departments including the Public Services
Department, the National Bureau of Investigation,
National Institute of Public Administration and
Petroleum Development unit (under the Prime
Minister’s Department), the Ministry of Finance and
the Ministry of Agriculture. He joined Lembaga Tabung
Haji as Chairman in 2007, serving the organisation
until 2013. He also had served as Chairman in the Board
of Directors of University Pendidikan Sultan Idris.
Tan Sri Dato’ Sri Abi Musa Asa’ari currently is the
Chairman of Pelikan International Corporation Berhad
and a Director of Heitech Padu Bhd. listed on the Main
Market of Bursa Malaysia. He is also the Chairman of
the Graphene NanoChem PLC (United Kingdom) and
Pelikan AG (Germany).
Tan Sri Dato’ Sri Abi Musa Asa’ari attended all eight (8)
Board Meetings held during the financial year ended
30 June 2018.

pay dividend, more branding, explain what ayala did, etc if The group wants to increase communication with potential investors, analysts, research houses, and shareholders to instil investor confidence.

:)

Public spread still below requirements as at August. MCT announced on 9 Aug that its public shareholding spread stood at 24.59% from 18.74% as at March – this was still non-compliant with the public shareholding spread requirement of at least 25%. To address this, the group plans to discuss with its major shareholders on the possibility of selling down their shareholdings. It also intends to engage with investment banks on private placement exercises to those deemed public. The group also wants to increase communication with potential investors, analysts, research houses, and shareholders to instil investor confidence.

Want offer new MGO , kiv dividend payout, likely :)

Retained earnings is about half a billion, net cash position, anytime boleh bagi dividend, :)

Published in July 2019, sustain for 2 years , July 2020, July 2021,. Also many new launches, good ... Profitable, net cash position, growing, etc.


Secreto said unbilled sales amounting to RM814.0 million would sustain MCT for the next two years.

The increase in cash and bank balances further reduced MCT’s net debt-to-equity ratio from 5.8 per cent to a net cash position. :)

Already Net cash position based on this article published in July 2019 :)

MCT aims for RM650m sales from new projects
JULY 2, 2019 @ 1:07PM
BY NST BUSINESS

KUALA LUMPUR: MCT Bhd, a unit of the Philippines' Ayala Land Inc, plans to roll out new property launches with estimated gross development value (GDV) of RM650 million.

The projects included Sanderling Lakefront Residences @ Cyberjaya, Casa Bayu @ CyberSouth and Alira @ Metropark Subang, MCT said in a statement today.

The company also said its shareholders had approved all the resolutions to support its growth, and this included the appointment of Teh Heng Chong as chief executive officer.

Its board of directors recently appointed Apollo “Pol” Bello Tanco as chief operating officer and Susan Jacob Secreto as chief finance officer.

The two executives previously held senior management roles in Ayala Land and have more than 20 years of experience in the property development industry.

“To improve quality standards in our developments, we have taken decisive steps which includes the setting up of an independent project management team to review the delivery and quality control system, and better monitoring development systems in all current and new projects,” said Pol Tanco in the statement.

MCT said its aggressive moves to complete and deliver projects had resulted in it recording a net profit of RM60.5 million last year.

Secreto said the company’s cash and bank balances had increased to RM344.4 million from RM186.7 million, up 84.4 per cent from 2017.

The increase in cash and bank balances further reduced MCT’s net debt-to-equity ratio from 5.8 per cent to a net cash position.

MCT recently increased its total landbank size with two acquisitions in Subang Jaya and Petaling Jaya, estimated to generate a GDV of about RM1.6 billion for the company in the next five years.

Secreto said unbilled sales amounting to RM814.0 million would sustain MCT for the next two years.

Wrote so much, target price 65sen only :)

MCT - Boosted by Casawood
Author: kltrader Publish date: Fri, 1 Mar 2019, 11:01 AM

MCT’s 2Q2018 (FYE: DEC 2018) core earnings more than doubled to RM37m driven by revenue contribution from the newly-launched Casawood project. Overall, 6-months FYEDec2018 core earnings exceeded our estimate at 139%.
MCT expects to launch at least another 2 new projects at Tropicana Metropark and Tropicana Grande 2 in 2019.
Maintain HOLD with an unchanged RM0.65 TP pegging 10x PE on 2019F EPS. While this is below the sector’s 5-year historical average of 12.0x, we think it is fair amidst the weak property market.
Core profits improved on newly-launched Casawood
2Q2018 (FYE: DEC) core profits surged yoy to more than double to RM37m driven by contribution from the newly-launched project, Casawood @ Cybersouth. The project was launched in May 2018 with current take up rate already at 52%. In contrast, most projects then were near completion in 2QFY18 (Oct-Dec 2017). Overall, the 6-month 2018 core earnings exceeded our estimates at 139%.

Stronger qoq performance
On qoq basis, revenue grew 45% to RM182m on the back of progress billing of existing development projects being recognised including Lakefront Residence Phase 2, Lakefront PRIMA and Belleveu @ Cybersouth. On the other hand, Greencasa @ Cybersouth project was completed and delivered in Oct 2018 followed by Lakefront Residence Phase 1 and Casa 2b @ Cybersouth in Nov 2018. There was no new launch during the quarter.

Looking forward to new project
MCT guided for at least 2 new project launches in 2019 including Tropicana Metropark and Tropicana Grande 2. Both projects are located in prime area with good accessibility. The proposed Tropicana Metropark entails the development of 1,400 units of serviced apartment worth RM570m. It is located within the vicinity of Subang Jaya and is linked to the newly-opened direct access to Federal Highway [ie. where the Batu 3 Toll was situated]. Meanwhile, Tropicana Grande 2 entails the development of 226 units of residential condominium worth RM265m. It is located within Tropicana Golf and Country Resort which is nearby to Surian MRT and Lembah Subang LRT.

HOLD with unchanged TP of RM0.65
Maintain HOLD with unchanged TP of RM0.65 pegging 10x P/E on 2019F EPS. While this is below the sector’s 5-year historical average of 12.0x, we think it is fair in view of the soft property market backdrop. On other hand, long term proposition remains, in view of: i) huge unbilled sales of more than RM1bn; ii) low net gearing of 0.02x and iii) most landbanks located in prime locations.

Source: BIMB Securities Research - 1 Mar 2019

Retained earnings RM 412,068,000 @30.6.19 CAN URGE MCT TO PAY DIVIDEND IF NOT PRIVATISED YET DURING THE NEXT AGM :)

Prospects for the next financial year
With the introduction of Home Ownership Campaign (“HOC”) by the Government, the property sector
have shown improvement as the campaign has stirred interest among homebuyers. With the Group’s
experience in residential development, the outlook for the Group is positive given that the Group is
expecting several key launches at Cybersouth and Lakefront @ Cyberjaya project by the end of
2019. The focus will remain at residential properties that are priced between RM250,000 and
RM750,000, with some commercial units to complement the completed projects. The Group’s
landbanking efforts in 2018 will also bear fruit in 2019 as the Group is targeting to launch the first
phase of the newly acquired land in Subang Jaya by 4Q 2019.

Top 30 shareholders owns 99.5% of the total shares :)

Not many shares left in the retailers' hand, 0.05% only as the per 2018 annual report

Volume and price started to rise again.. from time to time, volume will surge to exceed 1 or 2 mil shares :)

Date Close Volume
10/10/2019 0.215 906,300
09/10/2019 0.205 357,100
08/10/2019 0.21 475,200
07/10/2019 0.20 219,000
04/10/2019 0.20 70,000
03/10/2019 0.20 167,000
02/10/2019 0.20 280,000
01/10/2019 0.205 315,200
30/09/2019 0.205 204,200
27/09/2019 0.21 71,500
26/09/2019 0.21 352,600
25/09/2019 0.21 102,000
24/09/2019 0.22 517,200
23/09/2019 0.215 186,100
20/09/2019 0.22 177,000
19/09/2019 0.225 2,035,100
18/09/2019 0.225 807,100
17/09/2019 0.225 748,200
13/09/2019 0.225 1,294,300

Part of Ayala land, about ten times bigger than sime Darby properties , impossible at such low level :)

Touched 22sen this morning.. expect ed to sell like hot cake soon, fingers crossed

30 top shareholders Dah pegang 99.5% total shares, tak mungkin settle public shareholding spread Kan? :)

Bursa juga patut gesa Ayala land buat MGO baru :)

Yes, delist and relist, seem like no other ways

99.5% of total shares owned by top 30 shareholders. Public shareholdings spread terlalu sukar to comply. Just wait for a new MGO :)

100mil+ population in the Philippines.


AirAsia unveils sprawling RedPoint office in the Philippines
Author: Tan KW Publish date: Thu, 10 Oct 2019, 5:50 PM


MANILA, 9 October 2019 – AirAsia, the world’s best low-cost airline, has unveiled its newest and vibrant office, RedPoint, in the Philippines today.


RedPoint features transparent and modern open plan design and technology, meeting rooms themed according to seasons (winter, spring, summer and autumn), collaboration zones and creative lounges.


The new headquarters becomes home to AirAsia’s 2,100 Allstars based in Manila and will foster open communication, creativity and innovation as the company embarks on a transformation journey to become more than just an airline.


The opening was attended by Department of Transportation Secretary Arthur P Tudade, Department of Tourism Secretary Bernadette Romulo Puyat, Deputy Speaker Mikee Romero, AirAsia Group Berhad Executive Chairman Datuk Kamarudin Meranun, AirAsia Philippines Chairman of the Board Atty Jomar Castillo, AirAsia Philippines Vice Chair of the Board Sheila Romero and AirAsia Philippines CEO Ricky Isla at Ninoy Aquino International Airport (NAIA) Terminal 3 in Pasay City today.


AirAsia Philippines CEO Ricardo Isla said “As Asia’s largest low-cost carrier, the opening of RedPoint signifies a new era for AirAsia in the Philippines. It’s new and stylish working environment has been specifically designed to break down departmental silos, inspire collaboration and foster creativity. The new office space is an expression of AirAsia’s core values, especially of putting people first, as they go about delivering what our guests want and expect.”


Isla added that the unveiling of RedPoint also celebrates AirAsia’s recognition as the world’s best low-cost airline for the 11th consecutive year by Skytrax, the global benchmark of airline excellence.


The new Philippines headquarters also includes hammock and swing areas, as well as a gym. The company moves to RedPoint from the Salem Complex near NAIA Terminal 4.


AirAsia Philippines operates a fleet of 24 aircraft on more than 500 weekly domestic and international flights from its hubs in Manila, Clark, Cebu and Kalibo.








https://newsroom.airasia.com/news/2019/10/9/airasia-unveils-sprawling-redpoint-office-in-the-philippines

KUALA LUMPUR (Oct 10): Global passenger traffic data for August 2019 showed that demand, which is measured in total revenue passenger kilometres (RPKs), climbed 3.8 percent compared with the year-ago period, the International Air Transport Association (IATA) said today.

This was above the 3.5 percent annual increase for July. Load factor climbed 0.3 percent percentage point to 85.7 percent, which was a new monthly record, as airlines continue to maximise asset use.

“While we saw a pick-up in passenger demand in August compared to July, growth remains below the long-term trend and well-down the roughly 8.5 percent annual growth seen over 2016 to the first quarter of 2018 period,” IATA director general and chief executive officer, Alexandre de Juniac said.

He said it reflected the impact of economic slowdown in some key markets, uncertainty over Brexit and the trade war between the US and China.

“Nonetheless, airlines are doing a great job of matching capacity to demand. With passenger load factors reaching a new high of 85.7 percent, this is good for overall efficiency and passengers’ individual carbon footprint,” he said.

August international passenger demand rose 3.3 percent compared to August 2018, up from a 2.8 percent year-over-year growth achieved in July.

With the exception of Latin America, all regions recorded increases, led by airlines in Africa. Capacity climbed 2.9 percent and load factor edged up 0.3 percentage point to 85.6 percent, said IATA, which represents some 290 airlines comprising 82 percent of global air traffic.

Asia-Pacific airlines’ August traffic increased 3.5 percent compared with the year-ago period, which was an acceleration compared to a 2.6 percent rise in July.

However, this remains well below the long-term average growth rate of around 6.5 percent, reflecting slowing economic growth in India and Australia as well as the impact of trade disputes.

Capacity rose 3.9 percent and load factor slid 0.4 percentage point to 82.8 percent, it said.

Meanwhile, demand for domestic travel climbed 4.7 percent in August 2019 compared to August 2018, unchanged from the previous month. Capacity rose 4.6 percent and load factor increased 0.1 percentage point to 85.9 percent, it added.

Ada new Group CEO SINCE MARCH 2019, BAGUS


Dato’ Mohamad Razali bin Mohamad Rahim, aged 59, male,
Malaysian, joined Talam Transform Berhad (“the Company”) on 22
March 2019 as Group Chief Executive Officer.
Dato’ Razali worked for a number of organisations both multi-
national and local. He started at Pernas-Sime Darby where he went
through the Finance Department, Marketing and Operations in
the Trading Company and Motor Division. He was also stationed
in Japan for a year with Nichimen Corporation. In 1984 he joined
Citibank NA where he rose to the position of Vice President and
Area Director. He was also the Real Estate Specialist for Asia and
Oceania. In 1997 he joined SP Setia as Executive Director and was
responsible for the construction of the Prime Ministers’ Office and
the Prime Ministers’ Residence in Putrajaya as well as all the housing
units under the joint venture. After SP Setia, he went into Islamic
Banking with Abrar Discount Berhad. Dato’ Razali was also with the
MIDF group where he headed the Group’s Business Development
Division. He also had stints in Premier Nalfin Berhad and Wembley
Industries Berhad.
He does not hold any directorships in public companies and listed
issuers. He has no family relationship with any directors and/or
major shareholders of the Company. There is no conflict of interest
with the Company. Within the past 5 years, he has no conviction
for offences other than traffic offences. During the financial year
ended 31 January 2019, there was no public sanction or penalty
imposed on him by the relevant regulatory bodies.

Sudden rush to buy tomorrow probably :)

AIRASIA (5099): AIRASIA GROUP BHD - Overview | I3investor


AIRASIA GROUP BHD
Last Price Today's Change
1.65 -0.05 (2.94%)

Board: MAIN
Sector: Consumer
Avg Volume (4 weeks): 8,804,865
4 Weeks Range: 1.65 - 1.82
52 Weeks Range: 1.65 - 3.29
Average Price Target: 2.66
Price Target Upside/Downside: +1.01
AirAsia Bhd provides air transportation throughout Asia. The airline operator focuses on delivering lower fares without a host of other amenities. It does not provide frequent-flyer miles or airport lounges, but looks to cater affordable transportation to all customers. In-flight meals and drinks are additional purchases available to customers. All short and long-haul flights are nonstop, and the company focuses on high frequency and high turnaround of flights. Operating segments are grouped by geographic regions. Revenue derived from Malaysia makes up the majority of revenue, but the company does hold material operations in several Asian regions.
Date Close
10/10/2019 1.65
09/10/2019 1.70
08/10/2019 1.70
07/10/2019 1.69
04/10/2019 1.68
03/10/2019 1.70
02/10/2019 1.74
01/10/2019 1.77
30/09/2019 1.76
27/09/2019 1.78
26/09/2019 1.80
25/09/2019 1.80
24/09/2019 1.81
23/09/2019 1.81
20/09/2019 1.81
19/09/2019 1.79
18/09/2019 1.80
17/09/2019 1.79
13/09/2019 1.81
12/09/2019 1.80

How We Manage Our Risks
Our risk management procedures are reviewed at least once a year to address and mitigate internal and
external risks. This ensures that we are able to deliver on our committed growth plans and maintain our
competitiveness in the property development segment over the longer term.
RISK HOW WE MANAGE OUR RISKS
Declining landbank size We currently have 514.7 acres of landbank for our ongoing and future projects
throughout the Klang Valley with a GDV of RM15.6 billion that will sustain our project
pipeline for the next 15 years. Our landbank is concentrated at strategic areas and
we are expanding our landbank footprint to other strategic areas within the Klang
Valley as we continue to grow MCT. This was evidenced by our acquisition of two new
landbank at Subang Jaya and Petaling Jaya respectively. These two new projects will
be launched in 2019 and is expected to contribute RM1.5 billion in GDV and 1,682 units
over the next six years.
As part of our growth plans, we are actively scouting for at least two land acquisitions
per year over the next three years either through direct acquisitions or joint ventures.
Market competition and
conditions especially in the
affordable segment
As an integrated developer with a commitment to deliver, we are doing a 360
degrees review of our operations, products, quality management systems as well
as customer service and experience. The transformation shall be targeted towards
product excellence and value creation for our buyers.
Uncertain macro-economic
outlook and weaker Ringgit
Synergies between our Group and Ayala as well as within our organisation allows
us to increase efficiencies and cost-savings as everything is done in-house. This
also enhances our flexibility and agility to change and adapt rapidly to market
evolution. We have also streamlined operations within the construction segment,
supply chain management and human capital to optimise operating, general and
administrative expenses.

In FY 2018, we also launched our 5-in-5 internal
campaign throughout our organisation with the
target of growing our Group’s bottomline by five
times in five years. One of the strategies we will
implement to meet the 5-in-5 target is to acquire
strategic landbanks within the Klang Valley with an
aggressive acquire-and-launch model. In April 2018,
we announced the acquisition of a 9.1 acre land at
Subang Jaya - our first land acquisition since we were
listed in April 2015. In August 2018, we announced
the acquisition of a 1.8 acre parcel of land in Petaling
Jaya – our first land acquisition outside of the Subang
Jaya and Cyberjaya region. Both acquisitions with
a combined GDV of RM1.5 billion are slated to be
launched in 2019, as part of our growth plans.
In line with our 5-in-5 campaign, we have introduced
various initiatives to improve operational efficiencies
in FY 2018.
We enhanced our supply chain management by
streamlining procurement procedures and sourcing,
realising additional savings and obtaining favorable
credit terms from our partner suppliers. In addition
to in-house initiatives, we aligned with Ayala’s
supply chain network to centralise and boost our
procurement and supply chain efficiency.
Direct operating expenses (excluding LAD) and
general administrative expenses were optimised
as illustrated through the 31.6% dip from FY 2017
and prior years’ levels. Head count strength was
kept at approximately 500 people with streamlined
processes in operational policies without sacrificing
operational efficiencies.
As we consider our people as our biggest asset, we
undertook various human capital initiatives via
group-wide organisational campaigns to bring our
Group to the next level in terms of staff productivity
and efficiencies. As property development is
considered to be a local play, we have capitalised
on our Malaysian talents by deploying them at key
management positions to steer and manage our
Group.
Initiatives from FY 2017 for sales and marketing
have been maintained and even raised to the next
level with 2,115 units being sold during FY 2018 as
compared to 478 units in FY 2017. Our internal sales
force have been strengthened with the formation
of MCT Properties Sdn. Bhd., where our sellers are
rewarded based on successful sales conversion
and are dedicated solely to selling MCT’s products.
Sellers are provided with support and requisite
tools to push our products to the market. Customer
service is likewise being upgraded across all business
segments. This models will not only allow us to train
a seller-base that is well-versed with our products
and loyal to the MCT brand, but will build a larger
base of repeat buyers.
Corporate governance has been further strengthened
as we implemented a more comprehensive
Enterprise Wide Risk Management procedure
with regular updates across our organisation. The
whistleblowing system was enhanced through an
extensive policy backed by a whistleblowing hotline
to encourage improvements in current governance
and business practices across the organisation. We
will continuously review our operating procedures
and remain committed to constantly improving
our governance policies and practices. We will also
uphold ourselves to prudent financial management
practices and the highest governance standards, even
as we embark upon our growth story.

Strategic Direction
Being the first large international investment in
Southeast Asia by Ayala, we have been on the
verge of growing the business exponentially, riding
cautiously the Malaysian market and hitting the
sweet spots in terms of strategy, pricing, location
and product.
Our business portfolio has been strategically
streamlined with the sale of shares in OCP and
Ecity in January 2018 and May 2018, respectively.
The divestments of our investment assets and hotel
operations unlocked RM199.3 million in cash for our
Group. There will also be savings in direct operating
expense moving forward pursuant to the disposals.
The proceeds from our divestment were reinvested
via strategic acquisitions and working capital into
our property development business which is where
our strength lies.

MCT was listed on the Main Market of Bursa Malaysia on
6 April 2015 following the completion of a reverse takeover
exercise. An integrated builder, our Group consists of
three key segments, namely property development,
construction and complementary businesses.
In FY 2018, MCT went through a corporate exercise with
the MGO by Ayala, our single largest shareholder and one
of Southeast Asia’s biggest property developer in terms
of market capitalisation. Pursuant to the MGO, MCT
became a subsidiary of Ayala via RWIL who currently
owns a 66.3% stake in MCT.

PREPARING THE ORGANISATION
As we plant these seeds of growth, our organisation
must likewise be prepared. Human capital and talent
management shall be the backbone of a stronger
organisation as we are working hard towards even
greater professionalisation, especially now that we
are part of a much larger conglomerate.
Our talent management processes have been
made more stringent for hiring wherein we scout
for talents that bring value to our Group. We hone
our employees for greater opportunities within
the organisation that truly fit their personal goals
and career development. We think twice before
hiring more people because we prefer giving more
responsibilities, ownership and fulfillment to the
talent we already have. We want our people to have
meaningful careers that they can excel, flourish and
grow in.
We are taking extensive measures to strengthen
teams. First and foremost, the Property
Development team has been streamlined as a
business-oriented nerve centre focused not only on
simply implementing projects, but also in ensuring
that the projects deliver the multi-dimensional
commercial, organisational and social results
committed when they were planned and launched.
In Design and Construction, we have made
intentional, sharp deviations from past practice
and started tapping into external designers for new
market-facing ideas. While we have true strength
in having our in-house design teams, we are not
precluding ourselves from looking outwards to
develop better projects. Execution in these groups
will be a focal point as we complete projects and
launch new ones. It is through the thoughtfulness
in our designs and in the quality of our end products
that we will be appreciated and remembered by our
customers and trusted by the market.

Confidence in the Market
Our Group’s growth plans are reflective of our
confidence in the property market and in the
economy. While we acknowledge that the property
market has been stronger in the past, we remain
confident and optimistic that stronger days for
the industry are coming. The property market has
always been cyclical. While we are not yet at the
peak of industry recoveries, winning organisations
will take advantage of this period of correction and
properly position themselves to be ahead of the
curve when the time comes. This is precisely what
we are doing.
At the national stage, GE14 saw an entire nation
come together for the change it wanted. For the
first time in sixty-one years, the unprecedented
change happened. As the nation has positioned
itself for growth in the years to come, so shall our
Group. The overall growth in Southeast Asia, the
strong fundamentals in Malaysia’s economy, a
resilient currency, confidence of Malaysians in the
government, a predominantly young population
that will continue to have demands for homes and
a sizeable market in Klang Valley - these are the key
backdrops underpinning our positive outlook for our
industry and our organisation.
The time to plant the seeds for our future harvest
has come.

Growth Plans, 5-IN-5
The gains from FY 2018 allowed us to position ourselves
in the market for sustainable growth. In April 2018,
we made our first land acquisition as a public listed
company. We secured 9.1 acres of prime development
land in Subang Jaya, Selangor. The acquisition was
made for RM143.0 million and will generate a GDV of
RM1.0 billion for our Group over the next 6 years. The
project team has been in the planning process since
the purchase was made, and we intend to launch the
project in the first half of 2019.
In August 2018, we closed a second acquisition for
a strategic 1.8 acres development land in Petaling
Jaya, Selangor. This development is expected to
generate RM456.6 million in GDV for our Group.
The transaction will be completed before the end of
2018. The planning process for that project has also
started, with intention to launch the project by the
end of 2019.
In view of what we have accomplished in FY 2018 and
with the land acquisitions that we have made, we
plan to embark on a series of project launches in our
existing bastions and in new growth areas. While
our Group has competed mainly in the Cyberjaya and
Dengkil areas for several years now, we will soon be
present in more areas that will serve as springboards
for our growth. Our Group will have multiple projects
ongoing at the same time compared to only two
in past years. We will have more engines running
simultaneously to move us forward faster.
These acquisitions and coming launches are the
beginnings of our aggressive plans to grow our
Group’s bottom line five times in five years. By
expanding our Group’s geographical footprint in
Klang Valley, and becoming present in different areas
with different projects ongoing at the same time, this
plan will come into fruition. Our 5-in-5 plan will entail
being present in more growth centres, forging new
strategic partnerships and preparing the organisation
for the demands to launch, market and deliver
multiple projects on a continuous basis.

Ayala’s increased shareholdings in our Company is
a strong vote of confidence for our organisation.
Our parent company is known for its long-term
vision, strong corporate values, relentless pursuit
of excellence and drive to champion environmental
sustainability and sustained growth. As an integral
part of the Ayala group, we will now strive even
harder to grow our business here in Malaysia – to
align ourselves as a subsidiary of a much larger
organisation and to become a major contributor to
Ayala’s bottom line in the years ahead. Our strategic
plans and initiatives are now being tightened to meet
aggressive targets set to do just that.

Ayala’s Subsidiary
In January 2018, Ayala through its wholly-owned
subsidiary Regent Wise Investments Limited (“RWIL”)
bought an additional 17.2% equity in MCT from Tan
Sri Dato’ Sri Goh Ming Choon, one of our Group’s co-
founder. The additional equity acquisition triggered
the MGO. During the MGO, our Group’s co-founder,
Dato’ Sri Tong Seech Wi decided to sell 14.7% of his
shares to Ayala via RWIL, thus making him a minority
shareholder. As of today, Ayala owns 66.3% of our
Company, making us a subsidiary of the Philippine-
based property giant, the second largest property
developer in Southeast Asia by market capitalisation.

Project completion means that we are now in the midst
of turning over the finished units to our customers.
We started turning over 86 units of Lakefront Villa
in August 2017. A year after, we turned over 898
residential and office units in Skypark @ Cyberjaya.
97.9%% of these units have been accepted as of
30 September 2018. By the end of calendar year 2018,
another 948 units in Cybersouth from Casa Green and
Casa View, and 606 units in Lakefront Residence are
to be turned over to our purchasers. As a property
firm, we are delighted to see the projects that we
started a few years ago are now transforming into
living communities.
The results of our aggressive moves to complete and
deliver projects are evident. We ended FY 2018 with
RM78.8 million in profit after tax (“PAT”), a 23.8%
increase versus FY 2017. While we are now posting
growth in our net income, our liquidity position is
likewise in a good state. Our unbilled sales as at 30
June 2018 stood at RM1.4 billion, ensuring us a stable
source of cash inflows. Among our ongoing projects,
70% of all major contract packages have been
awarded, locking-in RM450.0 million in construction
costs thereby abating risks in price fluctuations of
materials. Our now stronger balance sheet reflects
opportunities for us to leverage more as an avenue to
raise capital for future projects to sustain our growth.
While FY 2018 has been a year of construction
completion, it has also been a year of new launches.
We launched a total of 251 units with GDV of RM188.5
million at Cybersouth’s newest phase Casa Wood in
May 2018. There will be more launches in 2019 and the
investments we are making through these launches
will be our sources of rewards in future years.

A Year of Delivery and Growth
The resources generated from the disposals of our
non-core assets were immediately deployed to
operations with better value generation for our
Group. As a first priority, we ensured that projects
experiencing construction delays were brought back
on track. For FY 2018, RM329.2 million was spent
to fast-track the completion of 2,452 units across
our main growth engines of Skypark @ Cyberjaya,
Lakefront @ Cyberjaya and Cybersouth. As we moved
ahead with the construction of these projects, we
have been able to drawdown RM226.0 million in sales
proceeds. This cash is now being cycled back into
our operations to sustain our growth plans. Another
RM495.7 million in sales proceeds will soon be ready
for drawdown by the end of 2018 because we have
been able to bring construction back on schedule.

Protecting our Balance Sheet
FY 2018 saw us aggressively defend our balance
sheet. We defined who we are as an organisation
and what our core is all about. As a property firm
well-grounded in the development segment, we
exited businesses that we felt were preventing us
from moving faster in our arena. In January 2018,
we completed the sale of One City Properties
Sdn. Bhd. (“OCP”), our subsidiary which owns
the commercial space for lease as well as our
carpark and ballroom operations. In May 2018, we
followed through by selling our hotel and cinema
operations via the disposal of ECity Hotel Sdn.
Bhd. (“Ecity”). Both transactions unlocked a net
gain of RM39.4 million for us to use in growing our
core business operations.
By unloading these operations, we are now much
nimbler. These two businesses that we have
worked very hard to build in the previous years
are now in the hands of new owners who are
better equipped to take those organisations to
greater heights.

Our Outlook
We will continue reaping steady gains for years to
come from our existing landbank. Our landbank
for ongoing and future developments remains at a
healthy 514.7 acres. From these properties, we will
realise GDV of RM15.6 billion over the next 15 years.
As our Management is embarking on a plan to grow
our Group many times over, new parcels of land
were secured in new and separate locations to have
multiple sources of income happening together. We
are off to secure even more development land to
deliver the growth targets for our Group through our
own operating cash, debt, and strategic partnerships.
Our Board has seen our Management’s growth
targets over the next five years and is supportive of
the initiatives. We are positioning ourselves well in an
industry that has stronger days coming towards it.
Acknowledgements
As MCT’s Chairman, I extend my thanks first and
foremost to all employees who have worked tirelessly
to make our Group continuously better and more
competitive. We had undergone rapid change over
the last two years and it is remarkable how the
organisation has resiliently adapted to, and taken on
new demands.
I likewise thank my fellow Board members for
their contributions and cooperation in corporate
governance. FY 2018 has been one out of the ordinary
because of the MGO and I am proud to chair a
Board that boldly stepped-up during such a critical
corporate exercise. The MGO was a turning point
for our Group and our Board truly played its role in
protecting the interests of both the majority and
minority shareholders.
And to the shareholders – all of you – I express my
sincerest gratitude for staying with us. We are still
a very young public listed company but we have
our eyes and minds set firmly on growth. It is with
your continued trust and support during this period
of national and organisational change that our
objectives will be met.

Ayala – our single largest shareholder from the Philippines, has likewise demonstrated
its increased confidence in our nation and our Group. In January 2018, Ayala acquired
an additional 17.2% of equity from Tan Sri Dato’ Sri’ Goh Ming Choon and initiated a
mandatory general offer that was extended to all shareholders, which was our Group’s first
major corporate exercise since listing (“MGO”). What started out in 2015 as a 9.2% equity
investment by the Philippine-based conglomerate is now at 66.3%. This now makes MCT a
subsidiary of a true titan in Southeast Asia.
As we are now part of Ayala, it is all the more incumbent on the Board of Directors of our
Company (“Board”) and on Management to further strengthen our Group’s corporate
governance practices. Serious emphasis shall be placed on instituting policies, procedures
and practices to bring our standards to the world class levels of our parent company.