The Global Infrastructure Partners (GIP) in the Gateway Development Alliance (GDA) has formally disclosed the take-over and merger of Malaysia Airports Holdings Bhd (MAHB) with Bursa Malaysia today, which is expected to benefit MAHB with higher investment, improved service levels and strong passenger growth.
In a Bursa Listing today, AmInvestment Bank Berhad announced that in relation to the pre conditional voluntary conditional take-over offer dated 15 May 2024, Gateway Development Alliance Sdn Bhd (GOA), consisting of Pantai Panorama Sdn Bhd, Kwasa Aktif Sdn Bhd and GIP Aurea Pte. Ltd. (collectively, the "joint offerors") will effect a transfer through GOA on all the remaining ordinary shares in MAHB not already held by the joint offerors (offer shares) for a cash consideration of RM11.00 per share offered.
The dealings in the ordinary shares of MAHB ("MAHB Shares) made on 5 July 2024, as cited today in the listing by AmBank (M) Berhad, as the transacting party was for 50,000 shares disposed at transacted price per MAHB share of RM10.108.
AmInvestment Bank Berhad said the disclosure requirements was made under paragraph 19.05 of the rules on take-overs, mergers and compulsory acquisitions in relation to the pre conditional voluntary conditional take-over offer by the joint offerors to acquire shares in MAHB.
GIP's head of transport and GDA's director Phil Iley earlier noted that GIP acquired a stake in Signature Aviation in 2021, which owns and operates over 200 private aviation facilities across 27 countries, making it the largest fixed-base operator network in the world.
"The acquisition underscores our extensive experience in managing a global network of aviation assets," he said earlier in a written reply.
To recap, GDA and its shareholders has on May 15, 2024 announced a pre-conditional voluntary offer to acquire all the shares in MAHB not already owned by the Consortium, at an offer price of RM11.00 per share which is equivalent to RM18.4 billion.
Iley also highlighted GIP's decades of experience managing and operating airports through its investments in Sydney Airport, London Gatwick Airport, Edinburgh Airport, Signature Aviation and previously London City Airport.
"All our airports have benefitted from increased investment, improved service levels, reduced queue times for passengers, high-quality commercial outlets and strong passenger growth, and we are confident of achieving the same at MAHB.
"Airports are major enablers of economic activity, tourism and inward investment, and we are confident that an improved MAHB will drive growth in Malaysia to the benefit of both its economy and citizens," he said.
Iley emphasised that GIP and its partners are optimistic and committed to putting in the work to take MAHB to the next level. They see excellent prospects for MAHB to regain its market position and improve its network connections, which have underperformed in recent years.
GIP is a global firm with a strong presence in 13 Asian countries and has invested in and operated nationally significant infrastructure assets for over 18 years.
Currently, it managed US$112 billion (RM527.5 billion) in assets and invested in 41 companies that employ over 115,000 people.
It was also reported earlier that the Government of Malaysia will retain special share rights in MAHB.