Thursday 28 Mar 2024
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KUALA LUMPUR: Malaysian Aerospace Engineering Sdn Bhd (MAE), a wholly-owned subsidiary of Malaysia Airline System Bhd (MAS), has disposed of its 44.61% stake in MAS GMR Aerospace Engineering Co Ltd (MGAE) to India-based GMR Infrastructure Ltd.

According to a filing dated Dec 12 with the Bombay Stock Exchange, GMR said its subsidiary, GMR Hyderabad International Airport Ltd (GHIAL), had acquired 9.68 million shares of 10 rupees each (55 sen), representing a 44.61% stake in MGAE, from MAS’ engineering arm on Dec 12. MGAE is a joint venture between GHIAL and MAE. Following the transaction, MGAE will become a wholly-owned subsidiary of GHIAL, the company added. MGAE has developed an integrated, world-class third party airframe maintenance, repair and overhaul (MRO) facility at Rajiv Gandhi International Airport (RGIA), Hyderabad, India.

MGAE is the operating company of this MRO facility. GHIAL is public-private joint venture between GMR Group (63%), Malaysia Airports Holdings Bhd (11%), the State Government of Andhra Pradesh (13%), and the Airports Authority of India (13%). It is set up to develop, operate and maintain the RGIA in Hyderabad, India. GMR Group’s expertise in infrastructure development is exhibited by developing two prestigious international airports in India and one airport in Turkey.

 

This article first appeared in The Edge Financial Daily, on December 17, 2014.

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