PAKATAN Harapan Youth has slammed Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal for his attempt to mislead the people over the Malaysia Airports Holdings Bhd (MAHB) privatisation exercise.
PH Youth information chief Ammar Atan was referring to Wan Fayhsal’s statement yesterday (Jan 8) that Gateway Development Alliance’s (GDA) inability to secure 90% shareholder acceptance for its takeover of MAHB by the initial Jan 8, 2025 deadline is an indication of the government’s failure and investors’ rejection of the privatisation plan.
This had prompted an extension of the deadline to Jan 17, 2025.
“GDA did not fail (to secure 90% shareholder acceptance). In fact, as of Jan 8 GDA effectively holds 84.12% of the total issued shares in MAHB, an increase from the 40.85% on Dec 6, 2024,” Ammar pointed out.
He said this indicated that the majority of shareholders other than GDA have consented to the move to privatise MAHB to improve its operations.
“If you understand the basics of Investing 101, you will know why some shareholders have yet to make a decision,” Ammar continued.
“Some shareholders are waiting for a higher offer compared to the current RM11 per share.”
In a statement on Wednesday, Wan Fayhsal, who holds the international affairs portfolio for Perikatan Nasional (PN) MPs, had lauded MAHB shareholders who have held onto their stakes.
He described the deadline extension as a significant setback for the government’s effort to privatise and delist MAHB from Bursa Malaysia, calling it evidence of diminished confidence from both foreign and local investors.
Wan Fayhsal also said the move to privatise and delist MAHB from the public market must be “stopped in the interest of the people and the dignity of the nation” and called for shareholders to stand with PN’s push to halt the privatisation plan.
Furthermore, Ammar said the extension of the deadline is not unusual in Bursa Malaysia, citing Sime Darby Bhd’s previous move to extend the closing date for its acquisition of UMW Holdings Bhd to about two weeks later than the original deadline in 2024, as well as the Armed Forces Fund Board’s (LTAT) extension of its closing date for its offer to take Boustead Plantations Bhd private to two weeks later than the original deadline.
“There isn’t an issue here if you understand the basics. Wan Fayhsal ought to learn from Corporate Finance experts instead of relying on (PAS information chief) Ahmad Fadhli Shaari,” he continued.
“Shareholders understand that the privatisation effort is aimed at strengthening the country’s aviation sector.” – Jan 9, 2025
Main image: Malaysia Bangkit
