Malaysia Airports Received Shareholders Approval for Acquisition of Remaining 40% Equity Stake in Istanbul Sabiha Gokcen International Airport
23 December 2014
SEPANG - Malaysia Airports has concluded a successful Extraordinary General Meeting (EGM) at Sama-Sama Hotel, KLIA today.
The EGM received the approval if its shareholders on the acquisition of the remaining 40% collective equity stake in Istanbul Sabiha Gokcen International Airport (ISGIA) and LGM (ISGIA's commercial arm) for a total purchase consideration of Euro 285 million.
The shareholders also approved the Renounceable Rights Issue of up to 275,777,660 new Ordinary Shares of RM 1.00 each in Malaysia Airports Holdings Berhad (MAHB) on the basis of one (1) Rights Share for every five (5) existing MAHB shares held on an entitlement date to be determined by the Board later.
These resolutions bode well for the company as it will strengthen MAHB's presence as an airport operator in Turkey and Europe, and further reinforces MAHB's strategic position as a world class airport operator.
"We are very excited about the long term growth prospects in ISGIA as the Turkish aviation market is one of the fastest growing of the world's Top 10 busiest airport cities" said Tan Sri Dr Wan Abdul Aziz Wan Abdullah, Chairman of Malaysia Airports.
The approved Rights Issue will increase the shareholders capital by 20%. This will also strengthen MAHB's financial position by improving liquidity and financial flexibility, as well as optimising the Group's capital structure.