Lakefront Residence Sdn Bhd
About Lakefront Residence Sdn Bhd
MCT BHD (881786-X)
Formerly Known As GW Plastics Holdings Bhd
MCT BHD (“MCT”) has successfully listed on the Main Market of Bursa Malaysia Securities Berhad on 6 April 2015, following the completion of the reverse takeover exercise (“RTO”) of GW Plastics Holdings Berhad (“GW Plastics”) through the acquisition of MCT Consortium Berhad (“MCT Consortium”).
ABOUT MCT CONSORTIUM BERHAD
MCT Consortium was founded by Tan Sri Dato’ Sri Goh Ming Choon and Dato’ Sri Tong Seech Wi. The company began operations in 1999 as Modular Construction Technology Sdn Bhd, a builder specialising in undertaking construction, civil engineering and mechanical and electrical works through the modular construction technique.
MCT Consortium subsequently ventured into property development in 2004 with the development of USJ One Avenue, a 448-unit condominium project. MCT Consortium commenced its operations (via Modular Construction Technology Sdn Bhd) in 1999 with a paid-up capital of only RM250,000.00, and its revised net asset value has since increased tremendously to RM1.33billion currently.
MCT Consortium is today an integrated property developer supported by in-house capabilities including development planning, architectural and engineering design, quantity surveying and procurement, interior design, project management and construction. It has successfully completed projects with a total GDV of RM1,080 million to-date, and is currently developing on-going projects with a total GDV of RM2,264 million. Its pipeline of projects to be launched in the future totals an estimated RM6,723 million. This excludes remaining landbank of 296 acres with its GDV yet to be finalised. MCT Consortium’s existing landbank is located within Greater KL in USJ (Petaling Jaya), and within Cyberjaya and its surrounding area.
DETAILS OF RTO EXERCISE
GW Plastics is listed on the Main Market of Bursa Securities as a company previously involved in the manufacturing and marketing of blown and cast plastic film packaging products through its subsidiaries. Such subsidiaries were disposed on 8 January 2013. The Company had in January 2014 signed a share sale agreement with the Vendors for the proposed acquisition of the entire 100% of the issued and paid-up share capital of MCT Consortium.
The acquisition will be satisfied via the issuance of approximately 1.032 billion new GW Plastics shares of RM1.00 each and approximately RM122.2 million irredeemable convertible unsecured loan stocks at 100% of their nominal value, which will result in a significant change in the business direction of GW Plastics (i.e a reverse takeover (“RTO”) of GW Plastics by MCT Consortium).
Upon the completion of the Regularisation Plan, GW Plastics changed its name to MCT BHD.
*All the information was taken from MCT BHD website on 17 August 2015)