Malaysia Airports yesterday exercised its pre-emptive rights to buy the stake in Istanbul Sabiha Gokcen Airport from units of Turkish builder Limak Holding AS, it said in a filing to the exchange. The price is subject to a reduction, and the company is currently considering options on the funding structure, it said. People familiar with the matter had told Bloomberg News on Oct. 20 of the company’s plans to purchase the balance stake.
Sabiha Gokcen, located on the Asian side of Turkey’s biggest city, is drawing investors with the fastest passenger growth in Europe. The bid from Malaysia Airports put an end to plans by TAV Havalimanlari Holding AS (TAVHL), owner of Istanbul’s larger Ataturk airport, to buy the stake in a deal reached last month.
Shares of Malaysia Airports closed 3.6 percent higher at 6.69 ringgit per share in Kuala Lumpuryesterday, taking the market value to 9.2 billion ringgit.
Malaysia Airports, operator of airfields in the Southeast Asian country, had agreed in December to raise its stake in Sabiha Gokcen to 60 percent, paying 225 million euros to buy out Indian partnerGMR Infrastructure Ltd. (GMRI)
Traffic at Sabiha Gokcen is expected to increase to 24 million travelers this year from almost 19 million in 2013, Chief Executive Officer Gokhan Bugday said in a July interview.
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