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Monday, January 13, 2025

NGOs to submit memo against sale of MAHB’s shares

 

mahb malaysia airports
Last month, five MAHB independent directors said in a circular filed with Bursa Malaysia that the offer to purchase the company’s shares was unfair and unreasonable. (KLIA pic)

KUALA LUMPUR
A group of NGOs said it will submit a memorandum voicing its opposition to the proposed privatisation of Malaysia Airports Holdings Bhd (MAHB) to several parties involved in the matter.

At a press conference here, the NGOs said they will submit the memorandum to MAHB, Khazanah Nasional Bhd, Permodalan Nasional Bhd (PNB), Retirement Fund Incorporated (KWAP) and EPF on Friday.

Gateway Development Alliance (GDA), the consortium proposing to privatise MAHB, comprises EPF, Khazanah-backed UEM Group Bhd, the Abu Dhabi Investment Authority (Adia), and BlackRock-owned Global Infrastructure Partners (GIP).

“We will submit the memorandum to Khazanah’s headquarters followed by visits to the other agencies involved,” said Syed Hasan Syed Ali, the president of NGO Perkasa.

“We believe there is no benefit in selling MAHB’s shares to foreign companies.”

Also at the press conference today was Bersatu’s Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal, who said he would be more “strategic” when debating issues related to MAHB in the Dewan Rakyat.

Wan Fayhsal was suspended from the Dewan Rakyat for six months on July 18 last year for referencing a poison-pen letter naming the alleged mastermind of the MAHB privatisation deal.

Last week, GDA extended the closing time and date for the acceptance of its MAHB takeover offer by a week.

In a filing with Bursa Malaysia on behalf of the consortium, AmInvestment Bank said the new deadline is 5pm on Jan 17. The previous deadline was 5pm on Jan 8.

Last month, five MAHB independent or non-interested directors said in an advice circular filed with Bursa Malaysia that the offer is unfair and unreasonable, and recommended that shareholders reject it.

They said the offer price of RM11 represents a material discount of RM1.61 to RM2.71, or about 12.77% to 19.77%, of the value of MAHB’s shares of between RM12.61 and RM13.71, as estimated by Hong Leong Investment Bank.

The Public Accounts Committee has since said it will investigate the management of airports, including the proposed takeover of MAHB, following the complaint by the five independent MAHB directors. - FMT

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