KUALA LUMPUR (Jan 28): Khazanah-EPF led Gateway Development Alliance Sdn Bhd (GDA) has succeeded in getting enough shares to delist and take Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT) private, almost eight months since the takeover was first proposed.  

With the acceptance condition fulfilled, the joint offerors will keep the offer open for acceptances until 5pm on Feb 12, MAHB’s bourse filing read. This is the fourth extension since the original deadline of Jan 8.

Following this, Bursa Malaysia will suspend the trading of MAHB shares on Feb 20, in preparation for the company’s delisting from the Main Market, the filing added.

GDA is a consortium comprising Khazanah Nasional Bhd, the Employees Provident Fund Board (EPF), the Abu Dhabi Investment Authority (ADIA) and BlackRock's Global Infrastructure Partners (GIP).

The consortium launched the voluntary takeover offer at RM11 per share, which valued the airport operator, whose portfolio includes airports across Malaysia and in Turkey, at RM18.4 billion.

According to the filing, the offerors will invoke Section 222 of the Capital Markets and Services Act (CMSA) to compulsorily acquire any remaining shares from dissenting shareholders. A formal Compulsory Acquisition Notice will be issued within two months from Tuesday.

In a separate statement, GDA said it looks forward to working closely with MAHB "to realise MAHB’s potential to become a world-class airport operator that is competitive, efficient, commercial and service focused". 

"GDA believes that the transformation of MAHB is best undertaken as a private company, supported by strategic and financial investors with international technical expertise. This will enable MAHB to take a long-term approach to decision-making, capital investment and improvements in airline connectivity and customer service," it said.

"MAHB is a strategic Malaysian asset and will remain majority owned by Malaysian investors through UEM Group Bhd (a wholly owned subsidiary of Khazanah Nasional Bhd) and the Employees Provident Fund, who together have a 70% interest in GDA," it added.

The MAHB takeover has been in the spotlight as the deal’s independent directors deemed the offer "unfair" and "unreasonable", advising shareholders to reject it, citing undervaluation of the company's assets and growth potential.

In response to the independent directors' stance, GDA maintained its offer of RM11 per share, emphasising the airport's prolonged underperformance, both operationally and financially, citing the near two-year suspension of KLIA’s aerotrain operation as an example.

Shares of MAHB settled two sen or 0.18% lower at RM10.92, valuing the group at RM18.22 billion.