MAHB to sell small stake in Is­tan­bul Sabiha?

New Straits Times - - Business -

KUALA LUMPUR: Malaysia Air­ports Hold­ings Bhd (MAHB) plans to sell a mi­nor­ity stake in its Is­tan­bul unit, which op­er­ates Turkey’s sec­ond­biggest air­port, say peo­ple fa­mil­iar with the mat­ter.

The group was seek­ing an in­vestor for Is­tan­bul Sabiha Gok­cen In­ter­na­tional Air­port (ISG) and plans to main­tain con­trol of the com­pany, the peo­ple said.

MAHB was also talk­ing to banks about a pos­si­ble ad­vi­sory role on the deal, they said.

The lo­cal air­port op­er­a­tor planned to start a €130 mil­lion (RM614 mil­lion) ex­pan­sion of ISG this year as it nears ca­pac­ity, said Datuk Azmi Mu­rad, the air­port’s ex­ec­u­tive di­rec­tor, in an in­ter­view last month.

The air­port would add eight mil­lion pas­sen­gers a year to its cur­rent ca­pac­ity of 33 mil­lion once a new board­ing hall is com­pleted next year, he said.

MAHB in 2013 agreed to raise its hold­ing in ISG to 60 per cent by ac­quir­ing the 40 per cent stake held by In­dian part­ner GMR In­fra­struc­ture Ltd for €225 mil­lion. It bought the re­main­ing 40 per cent from Turkey’s Li­mak Hold­ing in 2014 for €285 mil­lion. Bloomberg

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