KUALA LUMPUR, Feb 21 — Malaysia Airports Holdings Bhd (MAHB) is planning to sell new shares worth some RM1 billion (US$300 million), or 10 percent of its existing share capital, to fund expansion, according to two bankers with direct knowledge of the matter.

The deal, to be done through private placement, comes hot on the heels of India’s GMR Group’s nod to sell its entire 40 percent stake in Istanbul’s Sabiha Gokcen airport to MAHB for €225 million. MAHB already owned a 20 percent stake in the airport.

“They are expected to conduct the placement some time early next month,” said one of the bankers, who declined to be named as the matter was private.

CIMB Investment Bank is involved in the deal, according to the bankers.

MAHB and CIMB officials were not available to comment.

MAHB, which counts Malaysian state investor Khazanah as one of its major shareholders, has been expanding offshore and now has up to four international airports under its portfolio, including two in India, one in the Maldives and one in Turkey.

MAHB shares have dropped 8.67 percent in the year to date. They ended 3.18 percent lower at 8.22 ringgit per share yesterday, valuing the company at some RM10.5 billion (US$3.18 billion). — Reuters