Malaysia Airports takes majority of Turkish venture

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sabiha-gokcenMalaysia’s largest airport operator Malaysia Airports Holdings Bhd. plans to take majority control of its venture which is operating Istanbul’s second-biggest airport, Sabiha Gokcen International Airport.

The company agreed to raise its holding in the airport to 60 per cent by acquiring the 40 per cent stake currently held by Indian partner GMR Infrastructure Ltd. for $308 million, according to a stock exchange filing submitted on December 23. Limak Holding AS, an Ankara-based builder, holds the remaining 40 per cent.

Sabiha Gokcen, located on the Asian side of Istanbul, is the smaller of the two airports serving Turkey’s biggest city, handling 14.7 million passengers in 2012 compared with 45 million travelers using Ataturk Airport. Limak, Bangalore-based GMR and Malaysia Airports bought operational rights to Sabiha Gokcen for 20 years from the Turkish government for $2.62 billion in 2007.

Discount carrier Pegasus Airlines is Sabiha Gokcen’s biggest user, with Turkish Airlines expanding service at the airport. Charter carriers also serve the airport. GMR is selling its stake as it awaits a final decision on an operating contract for Mactan-Cebu Airport in the Philippines that’s scheduled to be awarded in January 2014.

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Reading Time: 1 minute

Malaysia’s largest airport operator Malaysia Airports Holdings Bhd. plans to take majority control of its venture which is operating Istanbul’s second-biggest airport, Sabiha Gokcen International Airport.

Reading Time: 1 minute

sabiha-gokcenMalaysia’s largest airport operator Malaysia Airports Holdings Bhd. plans to take majority control of its venture which is operating Istanbul’s second-biggest airport, Sabiha Gokcen International Airport.

The company agreed to raise its holding in the airport to 60 per cent by acquiring the 40 per cent stake currently held by Indian partner GMR Infrastructure Ltd. for $308 million, according to a stock exchange filing submitted on December 23. Limak Holding AS, an Ankara-based builder, holds the remaining 40 per cent.

Sabiha Gokcen, located on the Asian side of Istanbul, is the smaller of the two airports serving Turkey’s biggest city, handling 14.7 million passengers in 2012 compared with 45 million travelers using Ataturk Airport. Limak, Bangalore-based GMR and Malaysia Airports bought operational rights to Sabiha Gokcen for 20 years from the Turkish government for $2.62 billion in 2007.

Discount carrier Pegasus Airlines is Sabiha Gokcen’s biggest user, with Turkish Airlines expanding service at the airport. Charter carriers also serve the airport. GMR is selling its stake as it awaits a final decision on an operating contract for Mactan-Cebu Airport in the Philippines that’s scheduled to be awarded in January 2014.

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