The Board of Directors of Malaysia Airports Holdings Berhad (MAHB) has announced that the Share Purchase Agreement (SPA) for the disposal of 11% of the total issued and paid-up share capital of GMR Hyderabad International Airport Ltd (GHIAL), has been terminated.
The automatic termination is due to failure of the purchaser, GMR Airports, to complete their obligation in accordance with the terms of the SPA by the extended long-stop date of 31 December 2018. Therefore, MAHB and MAHB (Mauritius) Private Limited shall remain as shareholders of GHIAL accordingly.
MAHB and GMR entered into the SPA in February 2018, agreeing that 41,580,000 equity shares would be acquired for a cash consideration of US$76.05 million.
GHIAL operates and manages the Rajiv Gandhi International Airport in Hyderabad, India under a 60-year concession contract expiring in March 2068.