KUALA LUMPUR – With Malaysia Airports Holdings Bhd (MAHB) set to be delisted from Bursa Malaysia following its takeover by the Khazanah Nasional Bhd-led Gateway Development Alliance Sdn Bhd (GDA), all five independent non-executive directors (INEDs) have tendered their resignations, effective on the delisting date.
MAHB chairman Nungsari Ahmad Radhi said the INEDs include Datuk Mohamad Husin, Ramanathan Sathiamutty, Cheryl Khor Hui Peng, Datuk Seri Koe Peng Kang and Chris Chia Woon Liat.
“Non-independent non-executive director Tan Sri Zainun Ali, who had previously served as chairman of the board, has also tendered her resignation following the conclusion of her tenure as a Ministry of Finance (Incorporated) nominee on Feb 16 this year,” he said in a statement today.
Nungsari said the group held its final board meeting as a Bursa-listed company yesterday, marking the end of its 25-year journey as a public-listed entity that began in November 1999 when it debuted at RM2.50 per share.
“The offer by the GDA consortium to privatise MAHB was recently concluded at RM11.00 per share. This reflected a compounded average growth rate (CAGR) of over 6% in share price over the 25 years.
“The company has also distributed a total of RM2.81 billion of dividends up to 2023,” he added.
Nungsari noted that MAHB started as a government agency under the purview of the Ministry of Transport, then a corporatised entity, and eventually a public-listed company.
The impending delisting and privatisation will see MAHB emerge as a single-shareholder company, owned 100% by GDA, with the government remaining a special shareholder.
He further noted that the new shareholders will be collectively responsible for the well-being of the company, its employees and the development of Malaysia’s aviation sector.
“I expect them to bring MAHB to greater heights while fulfilling the obligations of the operating agreement in Malaysia and the concession agreement at Istanbul Sabiha Gokcen International Airport,” he added. – February 18, 2025