Hyderabad airport: MAHB cancels stake sale pact with GMR
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Malaysia Airports Holding Bernhard (MAHB) said that it has terminated the share purchasing agreement (SPA) with the GMR Group for selling its 11% stake to the latter in Hyderabad airport as the company did not fulfil the obligations as per the agreement before December 31.
GMR Infrastructure in February, 2018 said its subsidiary GMR Airports entered into an agreement with Malaysia Airports Holding Berhad and its subsidiary to acquire 11% of the stake that the Malaysian company is holding in GMR Hyderabad International Airport, 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 December 31, 2018. Therefore, MAHB and MAHB (Mauritius) shall remain as shareholders of GHIAL accordingly,” MAHB said in a regulatory filing.
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