KUALA LUMPUR: Gateway Development Alliance Sdn Bhd (GDA) says the revised acceptance condition for its takeover offer of Malaysia Airports Holdings Bhd (MAHB) shares is lawfully permitted.
The consortium refuted suggestion that the offer for MAHB has been undertaken in anything other than full compliance with the Securities Commission's Rules on Takeovers, Mergers and Compulsory Acquisitions.
GDA, in a statement today, said the offer complied with the SC's rules.
"GDA's revision of the acceptance condition is lawfully permitted pursuant to Note 7 to Paragraph 6.01 of the SC Rules.
"In addition, GDA's right to amend the acceptance condition is clearly stated in Section 2.2(iii) of the Offer Document dated Dec 6 2024," it said.
GDA comprises the Employees Provident Fund, Khazanah Nasional Bhd-backed UEM Group Bhd, Abu Dhabi Investment Authority and BlackRock-owned Global Infrastructure Partners.
Yesterday, Machang Member of Parliament Wan Ahmad Fayhsal Wan Ahmad Kamal claimed that the revision of the MAHB privatisation threshold from 90 per cent to 85 per cent was questionable and would set an unhealthy precedent.
Wan Fayhsal claimed that the authorities had disregarded the views of MAHB's independent directors, and failed to protect the rights of minority stakeholders.
Early this week, GDA appeared succeeded in its bid to privatise MAHB. This came after the revision of the acceptance threshold of GDA's takeover offer to 85 per cent from 90 per cent originally.
The statement filed with Bursa Malaysia on Monday said the consortium had held a total of 86.51 per cent of MAHB shares as of Jan 17.
Besides the revised acceptance threshold, the statement also came with another extension of time for MAHB shareholders to accept the takeover offer.
MAHB said the closing time and date had been delayed to 5pm on Feb 4, marking the third extension of the deadline originally fixed for Jan 8, which was then extended to Jan 17 and subsequently to Jan 24.