KUALA LUMPUR, Jan 20 — Khazanah Nasional Bhd, alongside the Employees Provident Fund (EPF)-led consortium Gateway Development Alliance Sdn Bhd (GDA), appears to be on the verge of privatising Malaysia Airports Holdings Bhd (MAHB).
The breakthrough follows a revision of the consortium’s takeover offer, lowering the acceptance threshold to 85 per cent from 90 per cent, according to a Bursa Malaysia filing.
As of January 17, the consortium had secured 86.51 per cent of MAHB’s shares, bringing it close to the final stages of the acquisition.
In addition to the reduced acceptance threshold, the consortium has extended the deadline for MAHB shareholders to accept the offer once more.
The new closing date for the takeover offer is now set for February 4, an extension from the original deadline of January 24.
This marks the third extension since the first deadline was pushed back from January 17 to January 24.
“Save for the revision and the extended closing date, all other details, terms and conditions of the offer as set out in the offer document, including the offer price (RM11 per MAHB share) remain unchanged,” the statement confirmed.
Before the takeover bid, Khazanah held a 33.2 per cent stake in MAHB, with EPF owning 7.9 per cent. The Abu Dhabi Investment Authority had a smaller stake of 0.13 per cent.
Once completed, Khazanah will become the largest shareholder in the consortium, holding a 40 per cent stake, while the EPF will control 30 per cent.
