MAHB chairman Dr Nungsari Ahmad Radhi.
PETALING JAYA: With Malaysia Airports Holdings Bhd
(MAHB) set to be delisted from Bursa Malaysia following its takeover by the Khazanah Nasional Bhd-led Gateway Development Alliance Sdn Bhd (GDA), all five independent non-executive directors of the airport operator have tendered their resignations, effective on the delisting date.
The five are senior independent non-executive director Datuk Mohamad Husin, independent non-executive directors Ramanathan Sathiamutty, Cheryl Khor Hui Peng, Datuk Seri Koe Peng Kang and Chris Chia Woon Liat.
The airport operator also announced earlier this week that non-independent non-executive director, Tan Sri Datuk Zainun Ali, who had previously served as chairman of the board, had tendered her resignation, following the conclusion of her tenure as a Finance Ministry (Inc) nominee on Feb 16, 2025.
In a statement yesterday, MAHB chairman Dr Nungsari Ahmad Radhi said the group had closed 2024 with 135 million passengers recorded.
The Istanbul Sabiha Gokcen International Airport closed the year above a record 41 million passengers, and with a 20% increase in cargo tonnage. It added 16 new destinations and now serves a total of 141 destinations in 51 countries.
“The Malaysian operations saw a 15% growth in passengers and 12 new airlines flying into the country with existing airlines adding 75 new routes. Malaysia is now linked to 124 international destinations via our hub, the KL International Airport (KLIA) and our four other international airports.
“Non-aeronautical revenues grew faster than aeronautical revenues in 2024 and contributed to 45% of total revenue. Our airports in Malaysia are close to 90% retail occupancy, ahead of pre-pandemic levels,” he said.
Nungsari Ahmad said the Aerotrain project at KLIA is in progress, undergoing extensive testing ahead of its operational date in the second quarter of 2025. He also noted the performance of the last two years reflected a strong rebound from the setbacks triggered by the Covid-19 pandemic.
In March 2024, MAHB signed new operating agreements and lease agreements with the government of Malaysia to manage 39 airports and short take-off and landing airports.
“The new agreements lengthen the operating period to 2069 and provide clarity on how MAHB could recover its capital expenditure on airports.
“The group subsequently embarked on the expansion of both Penang and Kota Kinabalu International Airports.
“MAHB remains a AAA-rated company by RAM Ratings and A3 by Moody’s, enabling it to raise funding at very competitive rates from the capital market,” Nungsari Ahmad said.
In May 2024, MAHB announced that Khazanah Nasional Bhd, the Employees Provident Fund and US-based infrastructure fund Global Infrastructure Partners will form a 40:30:30 consortium (GDA) with the aim of privatising MAHB at an intended offer price of RM11 per share.
This values MAHB, whose portfolio includes airports across Malaysia and in Turkiye, at RM18.4bil.
Last month, GDA had succeeded in getting enough shares to delist and take MAHB private. In December 2024, GDA maintained its offer of RM11 per share despite MAHB’s independent directors recommending shareholders to reject the offer.
The consortium said the views of the independent directors “failed to take into consideration MAHB’s past performance and challenges it faces”.
