PNB booked RM257m gain, KWAP RM400m, from accepting MAHB privatisation offer

Thursday 17 Sep 2026

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KUALA LUMPUR (July 1): Permodalan Nasional Bhd (PNB) and the civil service pension Retirement Fund (Incorporated), better known as KWAP, secured hefty gains on their investments by accepting the offer to privatise Malaysia Airports Holdings Bhd (MAHB).

PNB booked investment income of RM257 million while KWAP logged RM400 million from the sale of their respective stakes, according to a report released by the bipartisan Public Accounts Committee (PAC) on Wednesday.

Total proceeds stood at RM1.03 billion for PNB’s over 5% stake in MAHB and RM1.3 billion for KWAP’s 7.1% stake.

The opportunity to realise the gains was among the funds’ considerations in accepting the offer.

The PAC report stated PNB held a 5.9% stake in MAHB while PNB president and group chief executive Datuk Abdul Rahman Ahmad was quoted as saying in a proceeding in July 2025 that it held 5.6% at the time the offer was made, according to the report.

MAHB was taken private in February 2025 by a consortium comprising Khazanah Nasional Bhd, via its wholly owned UEM Group Bhd, the Employees Provident Fund (EPF), Abu Dhabi Investment Authority (ADIA) and New York-based Global Infrastructure Partners (GIP).

The consortium acquired the airport operator for RM12.3 billion at RM11 per share.

The offer, which represented a 125% premium to MAHB's book value of RM4.89 per share and implied an equity valuation of RM18.4 billion, was announced in May 2024 and launched later in November that year.

Following the exercise, Khazanah became MAHB's largest shareholder with a 40% stake, followed by the EPF at 30%, GIP at 25% and ADIA at 5%. The Malaysian government retained a special share.

Edited ByPresenna Nambiar

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