MAHB's Turkish airport buy turns unconditional

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KUALA LUMPUR (Dec 31): Malaysia Airports Holdings Bhd (MAHB) said its board of directors today accepted the Undersecretariat for Defence Industries of Turkey's condition to appoint a member determined by the authority to the board of Istanbul Sabiha Gokcen International Airport Investment Development and Operation Inc (ISG).

In a filing with Bursa Malaysia today, MAHB said subsequent to the acceptance, all conditions pertaining to the proposed acquisition of a 40% stake in ISG have been fulfilled.

“Accordingly, all the conditions precedent pertaining to the proposed acquisitions have been fulfilled or waived (other than those to be fulfilled on the closing date) and the parties have agreed that the sales and purchase agreement has become unconditional,” said MAHB.

The airport operator is acquiring the remaining 40% stake in ISG from Limak Group for €285 million (RM1.18 billion).

MAHB shares fell two sen or 0.29% to close at RM6.80 today, giving it a market capitalisation of RM9.34 billion.