25 October 2023
Malaysia Airports Holdings Bhd (MAHB) and its wholly-owned subsidiary, MAHB (Mauritius) Private Ltd, are divesting their entire 11% stake in GMR Hyderabad International Airport Ltd to the GMR Group for US$100 million (RM478 million).
In a statement today, it said the divestment is part of MAHB’s efforts to streamline its overseas investment portfolio and unlock value from its non-core assets, in line with the group’s international business growth strategy.
The proceeds from the disposal will be redirected towards general corporate purposes and capital expenditures in assets where the MAHB group holds a more direct and controlling stake.
The proceeds are expected to be fully utilised within the next 12 months.
It said this strategic reinvestment approach is a key element of the group’s growth strategy.
“Allowing it to optimise its investment portfolio and strengthen its control over core assets, ultimately leading to greater long-term value for stakeholders,” it said.
GMR Hyderabad International Airport is the holding company that manages Hyderabad International Airport in India.
The airport operator group acquired the stake in 2009 for US$10 million (RM47.8 million) from GMR Group.
“Since the acquisition, MAHB has maintained a passive minority interest in the venture,” it stated.
- MAHB records over 10 million passenger movements in October 2023
- Asia Pacific’s airports are battling in an increasingly fierce race
- MAHB: Recovery in 3Q boosted by new routes and Airlines joining KLIA
- CGS-CIMB expects delay in Mavcom’s planned aeronautical tariff increase
- Malaysia Airports record over 11 million passenger movements in August 2023
- Highest daily passenger movement in August amid state elections and holidays
- MAHB to continue operating Istanbul Sabiha Gokcen International Airport
- MAHB upgraded on potential upside surprises in 2H23
- MAHB terminates Pestech as KLIA aerotrain contractor, citing non-performance
- Company handling ‘not to land’ passengers appointed by airline operators committee
Source: www.freemalaysiatoday.com
Site Search
Did you find what you are looking for? Try out the enhanced Google Search: