MAHB to sell stake in Maldives operations for RM28m

Pic by TMR

Malaysia Airports Holdings Bhd (MAHB) intends to sell its entire 23% stake in GMR Male International Airport Ltd (GMIAL) for RM28.5 million via its wholly-owned unit Malaysia Airports (Labuan) Pte Ltd (MALPL).

In an exchange filing yesterday, the airport operator noted noted it had entered into an agreement with GMR Holdings – currently the major shareholder in GMIAL with a 77% interest – to sell its 8.81 million shares in GMIAL to the latter.

It added the total carrying value of GMIAL in its books were fully impaired in 2014, thus resulting in a disposal gain of RM28.5 million for the group, while the divestment itself is not expected to have a material impact on its issued and paid-up share capital and substantial shareholders’ shareholdings.

GMIAL is incorporated in the Maldives and is responsible for the operation, maintenance, expansion, rehabilitation and modernising of the Ibrahim Nasir Airport located in Malé, Maldives for a 25 year period.

The company was paid RM1.06 billion in damages by the Maldives government in relation to disputes in the concession agreement which was awarded back in 2010.