Malaysia Airports Holding Berhad (MAHB) has said it terminated the Share Purchasing Agreement (SPA) with the GMR Group for selling its 11 per cent stake to the latter. The decision was made after the Indian infra major did not fulfil the obligations as per the agreement before December 31.
MAHB is currently holding a stake in the GMR Hyderabad International Airport (GHIAL). In February 2018, GMR Infrastructure Limited said its subsidiary GMR Airports Limited entered into an agreement with MAHB and its subsidiary to acquire 11 per cent of the stake for $76 million.
“The Board of Directors of MAHB wishes to announce that the SPA has been automatically terminated due to failure of the purchaser to complete their obligation in accordance with the terms of the SPA by 31 December 2018. Therefore, MAHB and MAHB (Mauritius) Private Limited shall remain as shareholders of GHIAL accordingly,” MAHB said in a regulatory filing.
GHIAL, a special purpose vehicle, manages Rajiv Gandhi International Airport here.
GAL currently holds 63 per cent stake and the remaining in the company is held by Airports Authority of India (13 per cent) and the Telangana government (11 per cent).
GMR Infrastructure shares were trading at Rs 16 a piece on the Bombay Stock Exchange (BSE) at 10 am.