NEW DELHI : Malaysia Airports Holdings Berhad is set to buy from GMR Infrastructure Ltd its entire 40% stake in Istanbul’s Sabiha Gokcen International Airport for 225 mln euros, it said in a filing to the Malaysian stock exchange Bursa Malaysia.
Malaysia Airports Holdings will buy GMR Infrastructure’s 40% stake in the airport operations, as well as an equal stake in LGM Havalimani Isletmeleri Ticaret Ve Turizm, the hotel and catering operations under the airport holding company.
GMR Infrastructure currently holds 27.55% stake in Sabiha Gokcen airport, and its overseas firm GMR Infrastructure Overseas Ltd holds another 12.45%.
In the hotel operations, the parent company holds 35% stake, with its arm GMR Infrastructure (Global) Ltd owning 5%. Malaysia Airports Holdings already owns 20% in the Istanbul airport and Limak Holdings the remaining 40% stake.
The decision to sell its stake in the Turkish airport is in line with GMR Infrastructure’s “asset light” strategy, which the company had adopted to reduce its debt burden of around 400 bln rupees. Shares of GMR Infrastructure ended 3.2% higher at Rs 23.80 on the National Stock Exchange. -Cogencis