Malaysia Airports Holdings Berhad (MAHB) will be delisted from Bursa Malaysia on February 20th after 25 years, following the completion of a privatisation offer by Gateway Development Alliance Sdn Bhd (GDA). All independent non-executive directors have resigned, and the government retains a special share in MAHB to ensure its direction aligns with national interests.
Malaysia Airports Holdings Berhad ( MAHB ) shares will be halted from trading on Thursday, marking its delisting from Bursa Malaysia after 25 years on the stock market. This follows the completion of Gateway Development Alliance Sdn. Bhd. (GDA)'s offer to privatise MAHB at a price of RM11 per share. Consequently, Bursa Malaysia will suspend trading of MAHB shares on February 20th in preparation for the company's delisting from the Main Market.
Following this development, all Independent Non-Executive Directors (INED) of MAHB have submitted their resignations, effective on the date of the company's delisting. They are Senior Independent Non-Executive Director, Datuk Ir Mohamad Husin and Independent Non-Executive Directors, Ramanathan Sathiamutty; Cheryl Khor Hui Peng; Datuk Seri Ir Koe Peng Kang and Chris Chia Woon Liat. Non-Independent Non-Executive Director, Tan Sri Zainun Ali, who previously served as the Chairman of the Board of Directors, has also submitted his resignation following the completion of his term as an appointee of the Ministry of Finance (Incorporated) on February 16th. MAHB Chairman, Dr Nungsari Ahmad Radhi, said that this action follows the last Board of Directors meeting as a company listed on Bursa Malaysia, held yesterday. 'This marks the end of MAHB's 25-year journey as a publicly listed company, which began in November 1999 when it made its debut at RM2.50 per share. 'The offer by the GDA consortium to privatise MAHB was recently finalized at RM11 per share, reflecting an average compound growth rate (CAGR) of over 6.0 percent in share price over the 25 years. 'The company has also distributed a total of RM2.806 billion in dividends up to 2023,' he said in a statement. Nungsari also personally expressed his gratitude to all the independent directors for their service to the company. 'As we conclude this phase of MAHB's journey, I would also like to thank the management, staff and three unions within the MAHB Group for their dedication to the group. 'GDA will now collectively be responsible for the well-being of the company, the welfare of its staff and the overall development of the aviation sector in Malaysia in general. 'I hope they will take MAHB to even greater heights while fulfilling its obligations as an Official Airport in Malaysia and the concession agreement at Istanbul Sabiha Gokcen International Airport,' he said. GDA, a consortium comprising Khazanah Nasional Bhd., Employees Provident Fund (KWSP), Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP) acquired 98.68 percent of MAHB shares following their takeover offer. Yesterday, the Ministry of Finance (MOF) in a written reply on the Parliament website assured that national sovereignty and interests will not be affected even if the privatisation of MAHB is implemented. The ministry explained that the consortium taking over MAHB is led by government-linked investment companies (GLICs), namely Khazanah Nasional and KWSP, with a majority stake of 70 percent. 'The government also retains a special share or 'golden share' in MAHB, which gives the power to appoint the chairman and managing director of the company, to ensure that MAHB's direction aligns with national interests,' it explained.
MAHB Delisting Privatisation Gateway Development Alliance Bursa Malaysia Tan Sri Zainun Ali Dr Nungsari Ahmad Radhi Khazanah Nasional KWSP ADIA GIP
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