Consortium Announces Conditional Offer For Mahb At Rm11 Per Share

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Gateway Development Alliance and its shareholders have today announced a pre-conditional voluntary offer to acquire all the shares in Malaysia Airports Holdings Bhd (MAHB) not already owned by the consortium, at an offer price of RM11 per share.
The consortium is led by two GLICs - Khazanah Nasional Bhd via its wholly owned subsidiary UEM Group Bhd, and the Employees Provident Fund.
The consortium’s shareholders also comprise a wholly owned subsidiary of the Abu Dhabi Investment Authority (Adia) and funds managed by Global Infrastructure Partners (Gip), one of the world’s premier infrastructure investors and an experienced airport owner and manager, MAHB said in a Bursa Malaysia filing today.
The offer price at RM11 per share implies an equity value of RM18.4 billion.
As of May 14, the consortium and its parent companies in aggregate own 41.1 percent of MAHB’s issued share capital.
Upon full completion of the offer, Khazanah will increase its ownership in MAHB from 33.2 percent to 40 percent and EPF from 7.9 percent to 30 percent.
Collectively, Malaysian investors would own 70 percent of MAHB.
Adia and Gip will hold the remaining 30 percent.
The Malaysian government will retain special share rights in MAHB and the chairman and CEO will continue to be Malaysian citizens.
The offeror does not intend to maintain the listing status.
MAHB was last traded at RM10.40 per share.
Presently, MAHB manages 39 airports throughout Malaysia, including five international airports, 17 domestic airports, and 17 STOLports (Short Take-Off and Landing). Additionally, it owns and manages one international airport in Istanbul, Turkiye.
- Bernama

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