KUALA LUMPUR, Nov 15 — A consortium led by Khazanah Nasional Bhd and the Employees Provident Fund (EPF) has made a formal takeover offer for Malaysia Airports Holdings Bhd (MAHB) at RM11 per share, following approval from relevant regulatory bodies, The Edge reported.
According to the business daily, this formal offer follows the greenlight from both domestic and international authorities, fulfilling the preconditions for the takeover. The consortium has now confirmed its intention to acquire all remaining shares in MAHB.
The offer price, representing a 6 per cent premium over the last traded price of RM10.34 today, values MAHB at nearly 38 times its 2023 earnings.
The report stated that the offer remains conditional, requiring the consortium to own at least 90 per cent of the company, including shares already held, before the closing date.
The consortium and its affiliates collectively own 41.1 per cent of MAHB, which manages 39 airports in Malaysia, including five international airports and 17 smaller airstrips, the group also owns one international airport in Istanbul, Türkiye, The Edge reported.
If successful, the takeover would result in the Malaysian members of the consortium owning 70 per cent of MAHB, with foreign partners — Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP) — holding the remaining 30 per cent, according to the news report.
Some economists suggested privatisation could bolster Malaysian airports’ competitiveness after lagging behind their regional competitors for so long.
Opposition lawmakers, however, were more critical about the involvement of GIP — which they claimed is linked to BlackRock, reported as the world’s biggest asset manager with huge investments directly in Israel.
