Malaysia Airports Holding scraps Hyderabad airport stake sale pact with GMR

Malaysia Airports Holding scraps Hyderabad airport stake sale pact with GMR

AgenciesUpdated: Wednesday, May 29, 2019, 03:41 AM IST
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Hyderabad: Malaysia Airports Holding (MAHB) has terminated the pact to sell its 11 per cent stake in Hyderabad airport to GMR, saying that the Indian infrastructure major failed to fulfil the obligations within the specified time. While MAHB on Wednesday announced it has terminated the share purchase agreement, GMR on Thursday said it is in discussions to enter into a fresh pact with the Malaysian entity. In February 2018, GMR Infrastructure said its subsidiary GMR Airports entered into an agreement with MAHB and its subsidiary to acquire 11 per cent of owned by them in Hyderabad airport for $76 million.

GMR Hyderabad International Airport (GHIAL) — majority-owned by the GMR group — operates the Rajiv Gandhi International Airport in Hyderabad. “The board of directors of MAHB wishes to announce that the SPA (Share Purchase Agreement) has been automatically terminated due to failure of the purchaser to complete their obligation in accordance with the terms of the SPA by December 31, 2018,” MAHB said in a regulatory filing. “Therefore, MAHB and MAHB (Mauritius) Private Limited shall remain as shareholders of GHIAL accordingly,” it added.

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