KUALA LUMPUR (July 10): Property developer MCT Bhd’s shares will be traded under its new name Avaland Bhd, with effect from Tuesday (July 11), in line with the group’s rebranding exercise to better reflect its updated corporate identity and purpose.
The counter’s new short name will be “Avaland”, replacing the old stock short name “MCT”, the company said in a filing with Bursa Malaysia on Monday.
In a press conference last Friday, the Main Market-listed company said the name Avaland is derived from “avant-garde”, which means innovation and new concepts.
Avaland’s name also resembles its parent company, Ayala Land Inc, a property developer from the Philippines which controls a 66.25% stake in Avaland through Regent Wise Investments Ltd.
Meanwhile, YKGI Holdings Bhd, another Main Market-listed company, will be changing its name to Asteel Group Bhd, with effect from Wednesday.
The counter’s new short name will be “Asteel”, replacing the old stock short name “YKGI”, according to a filing on Monday.
The steel product manufacturer, in a circular to shareholders in April, said the new name is undertaken to better reflect the company's corporate identity and its vision and future undertakings.
“The new identity will bring a new sense of progression, and would serve to bring cohesion to the subsidiaries' identities and unite them in the group,” it said.
YKGI has recently proposed to diversify the group and its subsidiaries' operations to include construction and property development.
MCT shares closed one sen or 5.88% higher at 18 sen on Monday, valuing the company at RM262.26 million. YKGI shares were unchanged at 10.5 sen, giving it a market capitalisation of RM50.91 million.