Kuala Lumpur: The Employees Provident Fund’s (EPF) strategic acquisition of Malaysia Airports Holdings Bhd’s (MAHB) shares at RM11 per unit is designed to set the stage for a higher valuation in a future relisting. This was revealed by Finance Minister II, Datuk Seri Amir Hamzah Azizan, who noted that the EPF’s involvement is centered around strategic value creation, new business strategies, and the execution of recovery and improvement plans for MAHB.
According to BERNAMA News Agency, Amir Hamzah highlighted that the operational transformation of MAHB is key to achieving these objectives. Speaking during the Minister’s Question Time in the Dewan Rakyat, he addressed a supplementary query from Chong Zhemin (PH-Kampar) concerning the EPF’s decision to sell MAHB shares before its dividend announcement and its strategies to ensure successful privatisation for the benefit of its members.
Amir Hamzah underlined that the voluntary takeover offer by a consortium, including the EPF, to acquire all remaining MAHB shares at RM11 each is viewed as a long-term investment. He further explained that, under Section 27 of the EPF Act 1991, the fund’s dividend announcements are determined by the actual performance of its investments.
He elaborated that the EPF’s Public Equity Department began offloading MAHB holdings in January 2023, when it held a 15.5% stake in the airport operator, to leverage market gains as MAHB’s share price was outperforming the FBM KLCI. Discussions and evaluations for the Voluntary General Offer (VGO) did not commence until July 2023, and fund managers in EPF’s Public Equity Department were unaware of the offer during the sale.
On February 13, 2025, MAHB submitted an application to be delisted from Bursa Malaysia’s Main Market. The shares are slated to trade publicly for the final time on February 19, 2025, before trading suspension on February 20.
Amir Hamzah stated that post-delisting, the consortium spearheading the privatisation will concentrate on upgrading infrastructure, boosting connectivity, and enhancing passenger experience. He stressed that while these improvements may not be immediately apparent in terms of MAHB’s recovery, they are integral to its strategic transformation.
The minister noted that investment and service enhancements would not be limited to major international airports like Kuala Lumpur International Airport (KLIA), Penang, and Kota Kinabalu. Plans are also in place for upgrades at airports in Tawau, Kota Bharu, and Ipoh.