Gateway Development Alliance stands firm on RM11 per share offer for MAHB despite directors’ rejection

Gateway Development Alliance Sdn Bhd News

Gateway Development Alliance stands firm on RM11 per share offer for MAHB despite directors’ rejection
Malaysia Airports Holdings Bhd MAHBPrivatisation
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KUALA LUMPUR, Dec 21 — Gateway Development Alliance Sdn Bhd (GDA), the consortium proposing to privatise Malaysia Airports Holdings Bhd (MAHB), remains steadfast on its RM11 per...

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GDA comprises the Employees Provident Fund , Khazanah Nasional Bhd-backed UEM Group Bhd, Abu Dhabi Investment Authority and BlackRock-owned Global Infrastructure Partners . Yesterday, five MAHB independent or non-interested directors said, in an Independent Advice Circular filed with Bursa Malaysia, that the offer is unfair and unreasonable and recommended that the shareholders reject the offer.

“MAHB’s prolonged underperformance both operationally and financially relative to peers suggests execution of its plans will remain a challenge, and MAHB does not have a credible track record of delivery on its promises,” it said. “MAHB has also been losing significant ground in the Asean aviation market with market share falling from 20 per cent to 16 per cent throughout 2013 to 2023,” it said.

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