PAC to weigh in on stakeholder objections to MAHB shares sale

Summary

• The Public Accounts Committee (PAC) will investigate the sale of Malaysia Airports Holdings Berhad (MAHB) shares

• Probe will include documents by Machang MP Wan Ahmad Fayhsal Wan Kamal purportedly showing stakeholders objecting to the offer for being too low.

• PAC proceedings are set for Feb 3 to March 6 next year.

The Public Accounts Committee (PAC) investigation into the government’s sale of Malaysia Airports Holdings Berhad (MAHB) shares will consider objections raised by stakeholders.

Speaking to Malaysiakini, PAC chairperson Mas Ermieyati Samsudin said this includes documents purportedly obtained by Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal.

“During the proceedings, we will also consider the disclosure of documents that supposedly show some stakeholders disagree with the share price offered.

“We want to ensure the transparency and authenticity of these documents,” she said.

She was responding to a query about whether the PAC would examine documents purportedly obtained by Wan Fayshal from stakeholders who opposed the sale.

‘MAHB would incur losses’

On Dec 12, the Machang MP claimed he had documents from stakeholders opposing the government’s proposal to sell MAHB shares.

“In my possession, I have a document provided by a stakeholder in this privatisation transaction which states that there are objections and opposition expressed to Khazanah, Employees Provident Fund (EPF), and the government, that they do not agree with what the government is offering today regarding the share price,” he said.

Citing the disputed document, Wan Fayhsal argued that the RM7 per share price was too low and warned that Malaysia would incur losses if the sale proceeds.

“The offered price is too low and does not reflect the true potential and value MAHB can contribute to the national economy.

“If this share sale goes ahead, in my opinion, and that of experts, as well as based on the objections noted in this document, it would be a betrayal of the country from a commercial and economic perspective,” he added.

READ MORE: KINIGUIDE | MAHB deal: What is GIP and is it linked to Israel?

However, Gateway Development Alliance (GDA) and its partners are offering RM11 per share to take MAHB private.

It followed approvals by authorities in Turkey, Saudi Arabia, Egypt, and Malaysia, as outlined in the pre-conditional offer.

Israeli ties

The consortium - led by subsidiaries of Khazanah Nasional Bhd, UEM Group Bhd dan KWSP - also includes Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP).

However, there is controversy surrounding GIP’s involvement in the consortium over its alleged ties to Israel, following its acquisition by Blackrock.

As of Nov 15, the consortium and their parent companies collectively own 41.1 percent of MAHB shares.

The sale of MAHB shares is among the issues to be investigated during PAC proceedings scheduled on Feb 3 to March 6 next year.

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