PETALING JAYA: Gateway Development Alliance (GDA) has extended the deadline yet again for its takeover offer for all the shares of Malaysia Airports Holdings Bhd (MAHB) under its privatisation plan.
In a filing with Bursa Malaysia today, MAHB said the closing time and date would now be 5pm on Feb 4 from the same time on Jan 24.
This is the third extension of the deadline, which was originally fixed for Jan 8. It was then extended to Jan 17 and subsequently to Jan 24.
MAHB also said that it received a press release from AmInvestment Bank, on behalf of the consortium, saying the acceptance condition had been revised to state that the joint offerors must secure a holding of at least 85% of the total issued MAHB shares.
Previously, the threshold was set at 90% of the total issued MAHB shares.
“Save for the revision and the extended closing date, all other details, terms and conditions of the offer as set out in the offer document, including the offer price of RM11 per MAHB share, remain unchanged,” MAHB said.
GDA comprises EPF, Khazanah Nasional Bhd-backed UEM Group Bhd, Abu Dhabi Investment Authority, and BlackRock-owned Global Infrastructure Partners.
In a statement, GDA said the 85% threshold was the level at which it expects MAHB to be removed from MSCI and other indices, thereby triggering acceptances from index funds for the shares they control that have yet to be tendered into the offer.
Having already received acceptances totalling 86.5%, GDA expects to declare the offer unconditional and remains confident that total acceptances will exceed 90%, and that MAHB will be delisted from Bursa Malaysia.
“GDA wishes to remind shareholders who have yet to accept the offer that there will be reduced liquidity once MAHB is removed from the indices, and that they run the risk of holding unlisted shares,” the consortium added.
