GDA Says In Full Compliance With SC Rules On MAHB Takeover

KUALA LUMPUR, Jan 22 (Bernama) -- Gateway Development Alliance Sdn Bhd (GDA) and its shareholders (consortium) have refuted any suggestion that the offer for Malaysia Airports Holdings Bhd (MAHB) has been undertaken in anything other than full compliance with the Securities Commission Malaysia’s (SC) Rules on Takeovers, Mergers and Compulsory Acquisitions.

In a joint statement released today, the consortium said GDA’s revision of the acceptance condition is lawfully permitted pursuant to Note 7 to Paragraph 6.01 of the SC Rules. 

“In addition, GDA’s right to amend the acceptance condition is clearly stated in Section 2.2(iii) of the Offer Document dated Dec 6, 2024,” it said.

On Jan 20, the consortium issued a statement stating that it had reduced the acceptance condition of its offer to 85 per cent of MAHB’s total issued shares, enabling the delisting of the airport operator.

The consortium said GDA expects to declare the offer unconditional and remains confident that total acceptances would exceed 90 per cent and that MAHB would be delisted from Bursa Malaysia following the acceptances totalling 86.5 per cent. 

The consortium has revised the closing date of the offer to Feb 4, 2025, and declared that its offer price of RM11.00 is final and will not be revised further. 

-- BERNAMA