For US$100 million (RM478 million), Malaysia Airports Holdings Bhd (MAHB) and its wholly-owned subsidiary, MAHB (Mauritius) Private Ltd, are selling the entirety of their 11% ownership in GMR Hyderabad International Airport Ltd to the GMR Group.
In a statement released on 25 October, MAHB said the divestiture is part of its worldwide business expansion plan. It is by streamlining its abroad investment portfolio and maximizing the value of its non-core assets.
The money received from the sale will be for capital expenditures on assets in which the MAHB group has a more direct and controlling interest and general corporate purposes.
The plan is to use all of the revenues earned in the coming year.
It stated that this strategic reinvestment method is a crucial component of the group’s growth plan.
“Allowing it to optimise its investment portfolio and strengthen its control over core assets, ultimately leading to greater long-term value for stakeholders,” it said.
The holding company that oversees Hyderabad International Airport in India is called GMR Hyderabad International Airport.
The airport operator group purchase the interest from GMR Group for US$10 million in 2009 (RM47.8 million).
“Since the acquisition, MAHB has maintained a passive minority interest in the venture,” it stated.
For US$100 million (RM478 million), Malaysia Airports Holdings Bhd (MAHB) and its wholly-owned subsidiary, MAHB (Mauritius) Private Ltd, are selling the entirety of their 11% ownership in GMR Hyderabad International Airport Ltd to the GMR Group.