In a statement, PAS information chief Ahmad Fadhli Shaari said it was not typical in Malaysia for offer terms to be altered mid-acquisition, adding that the extension of the deadline for shareholders to accept Gateway Development Alliance’s (GDA) takeover bid raised suspicion.

“This undermines investor confidence in the transparency and fairness of the country’s capital markets,” he said.

“The relevant authorities are urged to intervene immediately and ensure that all parties comply with the established regulations.

“The government must take firm action to restore investor and public confidence in the integrity of the nation’s capital markets,” the Pasir Mas MP added.

GDA comprises EPF, Khazanah Nasional Bhd-backed UEM Group Bhd, Abu Dhabi Investment Authority, and BlackRock-owned Global Infrastructure Partners.

In a filing with Bursa Malaysia yesterday, MAHB said the closing time and date would now be 5pm on Feb 4.

It marks the third extension of the deadline originally fixed for Jan 8, which was then extended to Jan 17 and subsequently to Jan 24.

MAHB also said it received a press statement from AmInvestment Bank, on behalf of GDA, saying the acceptance condition had been revised to state that the joint offerors must secure a holding of at least 85% of the total issued MAHB shares.

Previously, the threshold was set at 90% of the total issued MAHB shares.

GDA said the 85% threshold was the level at which it expects MAHB to be removed from MSCI and other indices, thereby triggering acceptances from index funds for the shares they control that have yet to be tendered into the offer.