KUALA LUMPUR (Feb 5): Khazanah Nasional Bhd has completed the transfer of its entire equity stake in Malaysia Airports Holdings Bhd (KL:AIRPORT) to the takeover consortium it leads, Gateway Development Alliance Sdn Bhd (GDA).

The sovereign wealth fund’s wholly-owned unit, Pantai Panorama Sdn Bhd, transferred its remaining 550.46 million shares or 32.99% stake it directly held in the airport operator to GDA, according to MAHB’s bourse filing on Wednesday.

GDA now directly owns 1.61 billion shares or a 96.74% stake in MAHB.

Khazanah owns a 40% stake in GDA, followed by the Employees Provident Fund (EPF) with 30%. The remaining 30% is shared between the Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP).

Last month, the consortium crossed the shareholding threshold of 94.47% which turned its takeover offer of MAHB unconditional, eight months after the bid was first proposed.

Under the offer launched in March 2024, the consortium sought to acquire MAHB at RM11 per share, equivalent to forking out RM12.3 billion for shares in MAHB the offerors did not own at that point, and valued the airport operator at RM18.4 billion.

The offer remains open for acceptances until Feb 12.

After the offer’s closure, Bursa Malaysia will suspend the trading of MAHB shares on Feb 20, in preparation for the company’s delisting from the Main Market.

Post-privatisation, Khazanah will see its effective interest in MAHB rise to 40% from 33.2% prior to the takeover offer. The EPF's stake will increase to 30% from 7.9%, and the remaining 30% is split between ADIA and GIP.

Shares in MAHB ended two sen or 0.18% lower at RM10.94 on Wednesday, valuing the company at RM18.25 billion.

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