Is Malaysia Airports Holdings Bhd (MAHB) about to change course to become a private company?
MAHB is facing intense pressure to become a private company as Gateway Development Alliance (GDA) now holds 75.73% of the company's shares, following the latest acquisition.
As of 5pm yesterday, GDA, which consists of EPF, Khazanah, ADIA, and GIP, has acquired 70.1% of MAHB shares (1.2 billion shares), while another 5.65% (94.3 million shares) is still in the process, bringing the total holding to 75.73%.
The takeover offer at RM11 per share has been extended until 17 January 2025.
The offer price recorded an increase of 49.46% compared to last year's closing price.
However, there are different opinions from economists on this offer.
Hong Leong Investment Bank recommended acceptance of the offer, deeming it attractive although slightly below the estimated fair value.
MAHB's independent directors, on the other hand, were of the opinion that the offer did not reflect the company's true potential.
The move hints at a bigger future for MAHB, with the consortium aiming to take over the company at a valuation of RM18.4 billion.
