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MAHB may sell stake in Sabiha Gokcen
[ISTANBUL] Malaysia Airport Holdings Bhd may sell a minority stake in Istanbul's Sabiha Gokcen airport after it takes full ownership of the business in the coming months, a senior company official told Reuters on Monday.
MAHB, which already owns 60 per cent of Istanbul's second airport, said last Thursday it was exercising its right to refuse a US$360 million offer from Turkey's TAV Holdings for the outstanding 40 per cent and would instead buy the stake itself for the same amount. "We are determined to have the majority stake at least for the short term," Khair Mirza, MAHB Senior General Manager in charge of planning, said in an interview in Istanbul. "We thought it was more prudent to take the 100 per cent first, but we don't have the intention to hold 100 per cent forever," he said, adding that it was too early to speculate on who a potential minority partner might be.
Mr Mirza said MAHB's purchase of the outstanding 40 per cent of Sabiha Gokcen was expected to be finalised in the first quarter of next year, pending regulatory approval, and said that MAHB had credit lines available from banks to close the deal.