Thursday, January 03, 2019

Malaysian Airport cancels Hyderabad airport stake sale plan

Malaysia Airport Holdings, a shareholder in the GMR Infra-controlled Hyderabad airport has terminated an agreement to sell all of its 11% shareholding in the airport to GMR’s airport holding company.
“The Board of Directors of MAHB wishes to announce that the SPA (share purchase agreement) has been automatically terminated due to failure of the purchaser to complete their obligation in accordance with the terms of the SPA by 31 December 2018. Therefore, MAHB and MAHB (Mauritius) Private Limited shall remain as shareholders of GHIAL accordingly,” the Malaysian airport operator said in a filing in the Kuala Lumpur stock exchange. It didn't elaborate. Senior executives at GMR couldn't be reached.
GMR Hyderabad International Airport Limited (GHIAL) is a joint venture company promoted by the GMR Group (63% shareholding) in partnership with Airports Authority of India (13%), Government of Telangana (13%) and Malaysia Airports Holdings Berhad (11%). In a February filing, MAHB had announced plans to sell all its 41,580,000 shares to GMR for $76.05 million (Rs 533.4 crore).
03/01/19 Economic Times