Malaysia’s sovereign wealth fund, Khazanah Nasional Bhd, has successfully completed the process of transferring all its shares in Malaysia Airports Holdings Bhd (MAHB) to Gateway Development Alliance Sdn Bhd (GDA), the consortium it leads.
Pantai Panorama Transfers 32.99% of MAHB Shares to GDA
According to MAHB’s announcement, Pantai Panorama Sdn Bhd has transferred its directly held 550.46 million shares, representing a 32.99% stake, to GDA. This move has increased GDA’s direct holdings in MAHB to 1.61 billion shares, giving it a significant 96.74% ownership.
Structure and Partners of the GDA Consortium
The consortium led by Khazanah includes the Employees Provident Fund (EPF) with a 30% stake, while the Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP) each hold an equal share of the remaining 30%. This strong partnership aims to enhance management capabilities at Malaysia Airports.
Privatization of MAHB: Unconditional Offer Completed
Last month, the GDA consortium surpassed a 94.47% stake in MAHB, making its takeover offer unconditional. The acquisition followed an offer initiated in March 2024 at RM 11 per share. In total, RM 12.3 billion will be paid, with MAHB valued at RM 18.4 billion.
Delisting Process from Bursa Malaysia Begins
Following the completion of the acquisition, Bursa Malaysia will suspend trading of MAHB shares on February 20, 2025. This marks the first step toward MAHB’s delisting from the Main Market. Khazanah’s stake has risen from 33.2% to 40% after the takeover offer, while EPF’s shareholding has increased from 7.9% to 30%.
Decline in MAHB Share Value
MAHB shares closed at RM 10.94 on Wednesday, reflecting a 0.18% decline, bringing the company’s total market capitalization to RM 18.25 billion.
A New Era for Malaysia Airports: GDA’s Influence
Malaysia’s leading investment consortium, Gateway Development Alliance (GDA), has become a key stakeholder in Malaysia Airports (MAHB) through this acquisition. GDA is backed by Malaysia’s Khazanah, EPF, the Abu Dhabi Investment Authority (ADIA), and Global Infrastructure Partners (GIP).
“More Investment in Our Airports”
Following the share transfer, Malaysia Airports officials emphasized GDA’s commitment to investment. They highlighted plans to leverage GIP’s expertise in international airport operations to enhance efficiency.
Bursa Malaysia Delisting to Be Completed by End of February
GDA aims to finalize the delisting process for MAHB from Bursa Malaysia in the coming days, targeting completion by the end of February. This step will lay the foundation for the company’s full withdrawal from the stock exchange.
Preserving Malaysia’s Identity
Officials assured that the share transfer would not alter Malaysia Airports’ identity. The Malaysian government will retain its golden share in MAHB, ensuring that the chairman and CEO will always be Malaysian.
These developments mark the beginning of a significant transformation in Malaysia’s airport sector, with keen anticipation of the impact this acquisition will have on the industry.
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