KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) and its subsidiary, MAHB (Mauritius) Private Limited is selling its entire 11 per cent stake in GMR Hyderabad International Airport Limited (GHIAL), to the GMR Group for US$100 million.
MAHB acquired the 11 per cent stake in GHIAL from GMR Group in 2009 for US$10 million. MAHB is expected to realise a gain of US$23.7 million (about RM113.5 million).
Since the acquisition, the MAHB has maintained a passive minority interest in the venture.
According to MAHB's filing with Bursa Malaysia Securities Bhd, since the opening of the Rajiv Gandhi International Airport on March 23, 2008, MAHB has only received US$6.41million (or RM30.7 million) of dividend from GHIAL.
MAHB said in a statement today that the divestment is part of the MAHB's efforts to streamline its overseas investment portfolio and unlock value from its non-core assets, in line with the group's international business growth strategy.
The proceeds from the disposal will be redirected towards general corporate purposes and capital expenditures (capex) in assets where the MAHB holds a more direct and controlling stake.
With the sale of its interest in GHIAL, MAHB is left with its Turkish asset, Istanbul Sabiha Gokcen International Airport, which it fully owns.
MAHB said in the statement that its strategic reinvestment approach is a key element of the group's growth strategy, allowing it to optimise its investment portfolio and strengthen its control over core assets, to provide greater long-term value for stakeholders.
