KUALA LUMPUR: Gateway Development Alliance Sdn Bhd (GDA), the consortium undertaking a privatisation of Malaysia Airports Holdings Bhd
, has refuted any suggested that its offer is in contravention of takeover rules.
In a statement issued on Wednesday, it said the offer was in full compliance with the Securities Commission's Rules on Takeovers, Mergers and Compulsory Acquisitions.
"GDA’s revision of the acceptance condition is lawfully permitted pursuant to Note 7 to Paragraph 6.01 of the SC Rules.
"In addition, GDA’s right to amend the acceptance condition is clearly stated in Section 2.2(iii) of the Offer Document dated 6 December 2024," it added.
On Monday, GDA revised the acceptance condition for its takeover offer for MAHB, lowering it from 90% to 85% to trigger index fund acceptance and expedite the completion of the takeover.
The consortium has also extended the closing date of the offer from Jan 24 to Feb 4, 2025.
All other terms of the offer, including the cash offer price of RM11 per share, remained unchanged.
