Press Esc to close
Monday 26 September 2016
News updated at 8:26 AM IST
Weather
Max: 25.8°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
Prime Minister Narendra Modi during BJP's National Council Meeting at Kozhikode...

Prime Minister Narendra Modi during BJP's National Council Meeting at Kozhikode...

Cyclists take part Cyclothon 2016 held on world car free day in Gurgaon...

Cyclists take part Cyclothon 2016 held on world car free day in Gurgaon...

Artists practice Garba in Ahmedabad...

Artists practice Garba in Ahmedabad...

School students at 'Mother Walk' rally to commemorate the canonization of Mother Teresa in Kolkata

School students at 'Mother Walk' rally to commemorate the canonization of Mother Teresa in Kolkata

Maratha community members hold a protest rally demanding justice for Kopardi rape victim...

Maratha community members hold a protest rally demanding justice for Kopardi rape victim...

An aerial view of the flood hit Edupalaya village in Medak district of Telangana...

An aerial view of the flood hit Edupalaya village in Medak district of Telangana...

Indian and U.S. army soldiers take part in an Indo-US army joint combat exercise in Ranikhet...

Indian and U.S. army soldiers take part in an Indo-US army joint combat exercise in Ranikhet...

St Patrick Church celebrating 175th anniversary in Museum Road, Bengaluru...

St Patrick Church celebrating 175th anniversary in Museum Road, Bengaluru...

Army personnel arrive to help flood affected people in Hyderabad...

Army personnel arrive to help flood affected people in Hyderabad...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

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