In a statement, GDA said the exercise was being done in full compliance with the Securities Commission Malaysia’s (SC) rules on takeovers, mergers, and compulsory acquisitions.

“GDA’s revision of the acceptance condition is lawfully permitted pursuant to Note 7 to Paragraph 6.01 of the SC’s rules,” it said.

It also said the consortium had the right to amend the acceptance condition, as provided for under the offer document dated Dec 6, 2024.

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

Yesterday, Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal claimed that the revision of the MAHB privatisation threshold from 90% to 85% was questionable and would set an unhealthy precedent.

Wan Fayhsal claimed that the authorities had disregarded the views of MAHB’s independent directors, and failed to protect the rights of minority stakeholders.

He said the authorities had also failed by allowing large institutional investors to change the offer rules and “bulldoze” the privatisation process.

PAS information chief Ahmad Fadhli Shaari also said the revision of the terms for the takeover offer raised concerns about market integrity and protection for minority shareholders.

Fadhli 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 GDA’s takeover bid raised suspicion.

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

Fadhli also urged the authorities to intervene immediately and ensure that all parties comply with the established regulations.

In a filing with Bursa Malaysia on Monday, MAHB said the closing time and date had been delayed to 5pm on Feb 4, marking the third extension of the deadline originally fixed for Jan 8, which was then extended to Jan 17 and subsequently to Jan 24.