“If Putrajaya wants to ensure transparency in the takeover, in terms of governance, I am of the view that this issue should be discussed in detail in a PAC proceeding before it is completed,” PAC chairman Mas Ermieyati Samsudin told FMT.
Mas Ermieyati said she plans to initiate proceedings once the Dewan Rakyat reconvenes in early February.
Her decision to look into the takeover follows the comment by five independent MAHB directors that the RM11 per share takeover offer for the airport operator was unfair and unreasonable.
The five said the offer price represents a substantial discount compared to MAHB’s estimated value per share, and cited MAHB’s positive financial momentum, clear growth strategy and trajectory, future prospects, and initiatives for development.
They advised shareholders to reject it.
On Saturday, however, Gateway Development Alliance Sdn Bhd (GDA), the consortium proposing to privatise MAHB, remained steadfast on its RM11 per share offer price.
GDA comprises EPF, Khazanah Nasional Bhd-backed UEM Group Bhd, Abu Dhabi Investment Authority, and BlackRock-owned Global Infrastructure Partners.
The consortium argued that its offer price of RM11 per share is attractive as it represented a premium of 49.5% year-to-date relative to MAHB’s closing price of RM7.36 on Dec 29, 2023.
GDA also said while MAHB’s most recent performance indicates positive momentum, the airport operator was plagued by prolonged underperformance, both operationally and financially, and did not have a credible track record of delivery on its promises.
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