This follows approval from the relevant authorities in Turkey, Saudi Arabia, Egypt, and Malaysia, as outlined in the pre-conditional offer announcement on May 15.
The consortium, led by Khazanah Nasional Bhd’s subsidiary UEM Group Bhd and EPF, also includes the Abu Dhabi Investment Authority (Adia) and Global Infrastructure Partners (GIP).
GIP was recently acquired by BlackRock in October, despite controversy over the New York City-based investment firm’s alleged links to the Israeli regime.
As of Nov 15, the consortium and its parent companies in aggregate own 41.1% of MAHB’s issued share capital.
According to a joint statement, the RM11 offer price values MAHB at RM18.4 billion and reflects a 49.5% premium over its 2023 closing share price.
This price represents a price-to-earnings ratio of 37.7 times based on MAHB’s 2023 earnings and is a significant uplift compared with the FTSE Bursa Malaysia KLCI’s 10% year-to-date performance.
Upon full acceptance of the offer, UEM Group’s stake in MAHB would increase from 32.99% to 40%, and EPF’s stake would rise from 7.86% to 30%, meaning Malaysian investors would hold 70% of the company. The remaining 30% would be owned by Adia and GIP.
The statement said the government will retain special share rights in MAHB, and that the post of chairman and CEO/managing director of the company will be held by Malaysian citizens.
“The 39 Malaysian airports managed by MAHB will continue to be owned by the government, as stipulated in the operating agreements that govern MAHB.
“It will continue to be regulated and overseen by various government agencies including the Civil Aviation Authority of Malaysia, the immigration department, the customs department and the police,” it said.
The statement noted that the consortium plans to focus on long-term growth through infrastructure upgrades, enhanced passenger services, and improved airline connectivity.
“The consortium wishes to reiterate that there are no plans for layoffs and existing employment rights will remain safeguarded as a result of the offer,” it said.