MAHB cancels Hyd airport stake sale pact with GMR

​Hyderabad: Malaysia Airports Holding Berhad has said it terminated the Share Purchasing Agreement (SPA) with the GMR Group for selling its 11 per cent stake to the latter as the Indian infra major did not fulfil the obligations as per the agreement before December 31. 

GMR Infrastructure Limited on February 2, 2018 said its subsidiary GMR Airports Limited entered into an agreement with Malaysia Airports Holding Berhad and its subsidiary to acquire 11 per cent 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) Private Limited shall remain as shareholders of GHIAL accordingly," MAHB. 

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).