KUALA LUMPUR: The restructuring of Malaysia Airports Holdings Bhd (MAHB) falls under the purview of the Finance Ministry and Khazanah Nasional Bhd, not the Transport Ministry or the Malaysian Aviation Commission (Mavcom), clarified Anthony Loke.
The Transport Minister said that Mavcom's role in the restructuring was limited to examining potential anti-competition concerns.
"The restructuring is managed by Khazanah and has nothing to do with Mavcom," he said.
"Mavcom's mandate is solely to ensure that the restructuring or inclusion of new equities does not have anti-competitive elements, as clarified in their statement published on their website."
Loke made this clarification while concluding the Supply Bill 2025 for his ministry in the Dewan Rakyat today, responding to Datuk Dr Radzi Jidin.
Radzi, the Perikatan Nasional MP for Putrajaya, had asked Loke to elaborate on Mavcom's role in the restructuring exercise.
Radzi also said that the Pakatan Harapan-led government in 2018 had proposed an "airport real estate investment trust" (REIT).
He said that Bagan MP Lim Guan Eng, then Finance Minister, had announced the government's aim to raise RM4 billion by selling a 30 per cent stake in the REIT to private investment institutions.
In response, Loke said, "There's no need for conspiracy theories about MAHB's restructuring. It is handled by the Finance Ministry and Khazanah, not by MOT. There's no coincidence here."
He added that his ministry only acts as a regulator and has no involvement in equity distribution decisions.
"The government has made a decision, and I understand that the Public Accounts Committee intends to review the deal, which is entirely acceptable. As I have said, Mavcom's role is to ensure the deal adheres to rules and regulations, even though Mavcom is under the ministry. Mavcom is a statutory body, and its board operates independently and objectively, basing decisions on all available facts," he added.
Mavcom had announced on Monday that it approved the proposed privatisation of MAHB, concluding that it would not significantly reduce competition in the aviation sector.
In a consultation paper published on Oct 30, Mavcom said that its assessment found no substantial impact on competition across various markets, including those for aerodrome services, international and domestic passenger services, air cargo transportation, and ground handling services.
In May this year, MAHB received a takeover offer from a consortium led by its major shareholder, Khazanah, in a deal valued at approximately RM10.8 billion.
The consortium, which includes Khazanah, the Employees Provident Fund, New York-based Global Infrastructure Partners, and the Abu Dhabi Investment Authority, has jointly offered RM11.00 per share to acquire all remaining shares in MAHB not already owned by them.