Press Esc to close
Sunday 24 July 2016
News updated at 6:14 PM IST
Weather
Max: 26.4°C
Min : 19.6°C
In Bengaluru
Generally cloudy

MAHB buys GMR stake in Istanbul airport

Bangalore, December 24, 2013, DHNS:

Malaysia Airports Holdings Berhad (MAHB), which holds 20 per cent stake in the consortium for Istanbul Sabiha Gokcen (ISG) International Airport, announced that it plans to buy 40 per cent stake held by Bangalore-based GMR Group for 225 million euros, or Rs 1,910 crore.

The development comes within days of media reports last week wherein GMR Group Chairman G M Rao was quoted as saying that there were no plans to exit from the ISG Airport.

In a regulatory filing to Bursa Malaysia (formerly Kuala Lumpur Stock Exchange) on Monday, MAHB said that its proposes to buy 27.55 per cent stake held by GMR Infrastructure and 12.45 per cent held by GMR Infrastructure Overaseas in the airport project.

(MAHB) said in a regulatory filing that its indirectly wholly-owned subsidiary MAMSC, involved in the business of investment holding, will buy GMR’s stake in the Turkish airport company.

The filing said, “MAHB had, pursuant to the shareholders agreement in relation to ISG Shareholders Agreement... on 23 December 2013, exercised its rights of first refusal in respect of the proposed acquisition of a 40% equity stake in each of ISG.”

The consortium partners in the ISG International Airport are GMR (40 per cent, MAHB 20 per cent and Limak Holdings of Turkey with a stake of 40 per cent. GMR stock closed at Rs 23.95 per cent on the Bombay Stock Exchange on Tuesday, up 0.42 per cent from its previous close.


Go to Top

Photo Gallery
Actress Aindritha Ray performing during Shatha Sambrama -University of Mysore Centenary...

Actress Aindritha Ray performing during Shatha Sambrama -University of Mysore Centenary...

School students sit in the formation of a plane as they pray for the Indian Air Force plane...

School students sit in the formation of a plane as they pray for the Indian Air Force plane...

Indian Army soldiers rescue flood affected villagers near India-Bhutan border of Chirang...

Indian Army soldiers rescue flood affected villagers near India-Bhutan border of Chirang...

Prime Minister Narendra Modi interacting with the children at the launch of the Reliance...

Prime Minister Narendra Modi interacting with the children at the launch of the Reliance...

Flamingos fly over Chandlai Lake in Jaipur on Saturday. Flamingos travel thousands of miles...

Flamingos fly over Chandlai Lake in Jaipur on Saturday. Flamingos travel thousands of miles...

Director Porsche India oavan Shetty with new Porsche 911 car during the launch in Bengaluru...

Director Porsche India oavan Shetty with new Porsche 911 car during the launch in Bengaluru...

Women on a boat wade through flooded area after heavy showers in Mayong village in Morigoan...

Women on a boat wade through flooded area after heavy showers in Mayong village in Morigoan...

Kite club India fly's 300 kite during Kite festival 2016 as the part of Income Declaration...

Kite club India fly's 300 kite during Kite festival 2016 as the part of Income Declaration...

Villagers along with their cattle wade through a Banana raft from the flood affected village...

Villagers along with their cattle wade through a Banana raft from the flood affected village...

A fan sports painting Rajinikanth's Kabali on his body at the release of his new film 'Kabali' ...

A fan sports painting Rajinikanth's Kabali on his body at the release of his new film 'Kabali' ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523