The Competition Authority has accepted the deal to transfer shares equal to 40 percent of the total share certificates in Sabiha Gökçen Airport, which belong to the Limak Group, to Malaysia Airport Holdings, upon their request submitted last October.
The official website of the Competition Authority announced that the total control of Istanbul Sabiha Gökçen Havalimanı Yatırım Yapım ve İşletme A.Ş. and LGM Havalimanı İşletmeleri Ticaret ve Turizm A.Ş., which are currently under the common control of Limak İnşaat ve Sanayi Ticaret A.Ş., Limak Yatırım Eneri Üretim İşletme Hizmetleri ve İnşaat A.Ş. and Malaysia Airports Holdings Berhard, will be transferred to Malaysia Airports Holdings Berhard through its subsidiary, Malaysia Airports Cities Sdn Bhd.
Malaysia Airports Holdings Berhad (MAHB), which purchased 40 percent of the shares of Sabiha Gökçen Airport last year increasing its total share to 60 percent. But after learning that Limak was negotiating to sell its shares to TAV, they had a meeting on September 15.
MAHB then announced that it would use its preemption right and purchase 40 percent of the shares of Limak.
The Planning Manager of MAHB, Khair Mirza, said all these developments have been unexpected for them. "Our partnership with Limak has been going on for years. We respect that our partner has the right to sell its shares but we were surprised about the timing.
"We had offered 285 million euros for the 40 percent at the beginning of the year but we had to revise it downwardly. Now, we will purchase the shares for 285 million euros, which we believe is a fair price." said Mirza.
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