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Malaysia Holdings fulfils first pre-condition for RM10.79b MAHB privatisation proposal

Publish date: Thu, 13 Jun 2024, 01:14 PM

MALAYSIA Holdings Bhd announced that it has met one of the four pre-conditions required for the proposed RM10.79 bil privatisation of Malaysia Airports Holdings Bhd (MAHB). The announcement was made in a filing to Bursa Malaysia yesterday (June 12).

The airport operator confirmed that the General Authority for Competition of Saudi Arabia (GAC) has issued a certificate stating that the privatisation deal does not necessitate notification to the GAC. This marks a significant step forward in the process.

However, three more pre-conditions still need to be fulfilled. These include approvals from the Malaysian Aviation Commission, the Turkish Competition Authority, and the Egyptian Competition Authority.

MAHB clarified that despite this progress, the announcement does not constitute a firm intention to make an offer by the joint offerors, and there remains uncertainty about whether the offer will proceed even if the remaining conditions are met.

Moreover, a consortium consisting of Khazanah Nasional Bhd, the Employees Provident Fund (EPF), New York-based Global Infrastructure Partners (GIP), and Abu Dhabi Investment Authority (ADIA) proposed on May 15 to acquire the remaining 1.12 billion shares in MAHB not already owned by them.

The offer is priced at RM11 per share in cash. Upon completion of this offer, Khazanah’s stake in MAHB would rise to 40% from 33.2%, EPF’s stake would increase from 7.9% to 30%, and the remaining 30% would be held by GIP Aurea Pte Ltd.

MAHB’s share price opened at RM9.92 today, marking a slight increase of two sen from the previous day’s close. - June 13, 2024

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