Malaysian Group Acquires Turkish Airport

The Malaysia Airports Holding used its pre-emptive rights to buy an additional 40 percent stake in Turkey's Sabiha Gokcen Airport, the company said Wednesday.



The Sabiha Gokcen Airport is considered the second-biggest airport in Istanbul.



Malaysia Airports Holding had already owned 60 percent of the airport. By exercising its right to buy the remainder units for €285 million from the Limak Holding, a Turkish builder group, the Malaysia company will now gain full control of the Turkish airport.



In a statement released on the BursaMalaysia website Thursday, the company said: "On behalf of the board of directors of the company, the CIMB Investment Bank Berhad and the Maybank Investment Bank Berhad wish to announce that Malaysia Airports Holding has via its wholly owned subsidiary, Malaysia Airports Cities, exercised its Right Of First Refusal on 23 October 2014, pursuant to the shareholders' agreement dated March 19, 2008 and the shareholders' agreement on January 4, 2010. Malaysia Airports Cities will shortly enter into a share purchase agreement with Limak Group."



The Right Of First Refusal is a contractual right that gives its holder the option to enter a business transaction with the owner of a company before the owner is entitled to enter into that transaction with a third party.



www.aa.com.tr/en - Ankara