About Us
Company History
Malaysia Pacific Corporation Berhad (MPCorp) was first incorporated a private limited company under the name of Weld Development Sdn. Bhd. on 23 May 1972, by the Hong Leong Group which developed Wisma MPL, the first largest shopping cum office complex in Kuala Lumpur in the 1970s’.
The name was later changed to Malaysia Pacific Land Sdn. Bhd. on 9 May 1977. It was then listed on the Main Board of the Kuala Lumpur Stock Exchange (KLSE), now known as BURSA Malaysia in 1997.
Not long after it was listed, the company went into serious financial difficulties in the aftermath of the Asian Financial Crisis, largely caused by Management and shareholders internal instability.
It then looked for a white-knight (between 2002 and 2005) to undertake a restructure and buy out Management control to save the listing status.
Hong Leong Group was one of the substantial shareholders also decided to sell out which procured Top Lander Off-shore Inc. (Top Lander) which finally made a mandatory General Offer (GO) in 2005. Thus the total change of Management control went to Top Lander in January 2006.
It assumed its new name of ‘Malaysia Pacific Corporation Berhad on 11 January 2005 as part of Top Lander’s restructuring requirement.
The Group under the new leadership undertook a cleaning exercise which wrote off huge impairment losses in 2006 to 2008 owing to questionable past accounting practices and in the process legal recourse were taken by the Company as per legal advice and listing requirement.
As from 2009 onwards, it began its route of recovery mode and turnaround direction. It has undergone a consolidation period between 2006 and 2008 and is mapping its new-phase of restructuring exercise and growth strategy with new strategic partners soon.