Press Esc to close
Saturday 25 June 2016
News updated at 5:28 PM IST
Weather
Max: 27.5°C
Min : 19.4°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
BJP activists holding a protest in front of Ram Remple in Bhubaneswar on Friday...

BJP activists holding a protest in front of Ram Remple in Bhubaneswar on Friday...

Puneri Paltan captain Manjeet Chillar poses for media during a press conference of Pro Kabaddi...

Puneri Paltan captain Manjeet Chillar poses for media during a press conference of Pro Kabaddi...

John Abraham, Varun Dhawan and Jacqueline Fernandez during the pramotion...

John Abraham, Varun Dhawan and Jacqueline Fernandez during the pramotion...

Former cricketer Venkatesh Prasad being feliciated with an Assamese traditional ...

Former cricketer Venkatesh Prasad being feliciated with an Assamese traditional ...

Modi paying floral tributes at the bust of former Prime Minister Lal Bahadur Shastri...

Modi paying floral tributes at the bust of former Prime Minister Lal Bahadur Shastri...

Prime Minister Narendra Modi interacts with Indian community children in  Tashkent...

Prime Minister Narendra Modi interacts with Indian community children in Tashkent...

Children of Madarsa Maulana Azad Upper Primary School pray for rains in Jodhpur ...

Children of Madarsa Maulana Azad Upper Primary School pray for rains in Jodhpur ...

Launch of the Rolls-Royce Dawn in Mumbai...

Launch of the Rolls-Royce Dawn in Mumbai...

Prime Minister Narendra Modi shakes hands with Russian President Vladimir Putin during...

Prime Minister Narendra Modi shakes hands with Russian President Vladimir Putin during...

Finance Minister Arun Jaitley addresses the Invest in India Business Forum in Beijing...

Finance Minister Arun Jaitley addresses the Invest in India Business Forum in Beijing...

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