KUALA LUMPUR (Dec 16): Malaysia Aerospace Engineering Sdn Bhd (MAE), a wholly-owned subsidiary of Malaysian Airline System Bhd (MAS), had disposed its 44.61% equity stake in the MAS GMR Aerospace Engineering Company Ltd (MGAE) to GMR Infrastructure Ltd.
According to a filing dated Dec 12 (last Friday) with Bombay Stock Exchange, India, GMR said its subsidiary company, GMR Hyderabad International Airport Limited (GHIAL), had acquired 9.68 million shares, representing 44.61% stake in MGAE, from MAS's engineering arm on Dec 12.
GMR said it bought the block of shares with a face value of 10 Indian Rupiah per share.
MGAE was a joint venture company of GHIAL and MAE. However, following the above transaction, MGAE will now become a wholly-owned subsidiary of GHIAL, the company added.
MGAE has developed an integrated, world class third party airframe Maintenance, Repair & Overhaul (MRO) facility at Rajiv Gandhi International Airport (RGIA), Hyderabad, India.
MGAT is the operating company of this MRO facility.
GHIAL is public-private joint venture between GMR Group (63%), Malaysia Airports Holdings Bhd (MAHB) (11%), the State Government of Andhra Pradesh (13%), and the Airports Authority of India (13%).
It is incorporated to develop, operate and maintain the Rajiv Gandhi International Airport (RGIA) at Hyderabad, India.
GMR Group's expertise in Infrastructure development is exhibited by developing two prestigious International airports in India — at Delhi and Hyderabad; and one airport at Istanbul, Turkey.