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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.


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