Malaysia Airports Holdings Bhd (MAHB) is reportedly exploring the option of buying GMR Infrastructure's 40% stake in Istanbul's Sabiha Gokcen International Airport. MAHB holds a 20% stake in the Turkish airport.
The Star, citing an earlier report by Economic Times, said India's GMR has entered into a definitive agreement with Turkey's TAV Airports Holdings to sell its 40% stake in Sabiha Gokcen. GMR is the largest private airport developer in India.
However, GMR needs the approval of its partners in the airport for the transaction to go through. Sabiha Gokcen is a joint venture of GMR, MAHB and Turkish conglomerate Limak Holdings, the report said.
According to Malaysian newspaper The Star, MAHB and Limak have 20% and 40% in ownership stakes in Sabiha Gokcen respectively. Both hold rights of refusal over GMR's shareholding.
TAV operates Istanbul's main aerodrome Attaturk Airport. Sources said that TAV's concession agreement to operate the Attaturk Airport expires in six years. This is the reason it wants a foothold in Sabiha Gokcen, the sources added.
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