KUALA LUMPUR (Apr 21): Malaysia Airports Holdings Bhd (MAHB) has established an Integration Steering Committee (ISC) to ensure an “appropriate” integration of its Turkish units Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim Yapim Ve Isletme A.S. (ISG) and LGM Havalimani Isletmeleri Ticaret Ve Turizm A.S. (LGM) in their operations.

ISG operates the airport of the same name in Istanbul while LGM is responsible for the airport hotel as well as catering services in the airport.

The ISC will also establish monitoring controls in ISG and LGM, including but not limited to procurement, finance, human resource and operational issues, said MAHB (fundamental: 1.15; valuation: 1.4) in a statement to Bursa Malaysia.

According to the airport operator, the ISC’s objective is to facilitate the integration and rationalisation activities of ISG and LGM.

“The ISC is responsible, amongst others, to make all decisions concerning the strategy and operations of ISG and LGM and any other related company,” said MAHB.

MAHB said the ISC shall be formed as a sub-committee to MAHB’s board of directors, which it will report directly to the latter.

The ISC is headed by chairman Tunku Dato’ Mahmood Fawzy bin Tunku Muhiyiddin, a director of MAHB.

The members of ISC included Tan Sri Bashir Ahmad bin Abdul Majid (MAHB advisor), Datuk Mohd Badlisham bin Ghazali (MAHB managing director), Dato’ Che Azmi bin Murad, (MAHB senior general manager of operation services) and a yet to be identified member.

Earlier this year, MAHB had fully acquired ISG and LGM after paying €279.23 million (RM1.2 billion) for the remaining 40% stake in ISG and LGM, 2% less than the original sum of €285 million, from the Limak Group.

MAHB closed down 14 sen or 2% to RM6.85, giving it a market capitalisation of RM11.38 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)