KUALA LUMPUR – An opposition lawmaker’s emergency motion to debate the proposed sale of Malaysia Airports Holdings Bhd’s (MAHB) shares to Israel-linked BlackRock Inc has been rejected by the Dewan Rakyat Speaker’s Office.
The Bersatu Youth chief Wan Ahmad Fayhsal Wan Ahmad Kamal (Machang-PN) told a press conference in Parliament he was informed of his motion’s rejection by the Speaker’s office due to “technical reasons” this morning.
“I spoke to a deputy Dewan Rakyat Speaker and they told me to refile the motion. I will be doing so, maybe with altered wordings,” he added.
For the record, Wan Fayhsal’s motion to debate the issue under Standing Order 27(1) and (3) had been included as part of the lower House’s orders for its current meeting, which commenced today.
Wan Fayhsal stressed the importance of the matter being debated in Parliament to ensure transparency over the matter, which he said was an issue of national importance.
He pointed to Foreign Minister Datuk Seri Mohamad Hasan’s (Rembau-BN) recent confirmation that the deal was not a cabinet decision. Mohamad had said Umno cabinet members had pleaded against selling MAHB’s shares to Global Infrastructure Partners (GIP), which is set to be acquired by BlackRock.
“Even cabinet members don’t know the details of the discussion (regarding the potential deal). The only one who knows the details is the Khazanah chairman, the finance minister and the prime minister, which is the same person – Datuk Seri Anwar Ibrahim (Tambun-PH),” Wan Fayhsal said.
“From a sales perspective, is an offer price of RM11 per share reasonable? Why was there no open tender process? Does MAHB actually need a partner like this when it does not have any cash flow issues?
“If MAHB’s management is an issue, then why not just change its management? The opposition can agree with the government’s move to improve our airports, but is this the best way to do it?” he questioned.
Also present at the press conference was Khairil Nizam Khirudin (Jerantut-PN), who posited that the proposed deal should be brought to Parliament’s Special Select Committee on Infrastructure, Transportation and Communication.
Pending a report from the committee, the PAS MP said any transactions or decisions related to the deal should be put on hold to allow lawmakers to debate the committee’s findings.
Following the 2023 Israeli-Palestinian conflict, BlackRock, which also holds shares in weapons companies supplying arms to Israel, made headlines in Malaysia after the move to take MAHB private was announced on May 15.
The privatisation move will see the Gateway Development Alliance consortium, led by sovereign wealth fund Khazanah Nasional Bhd, via its wholly owned subsidiary UEM Group Bhd and the Employees Provident Fund acquire all shares at an offer price of RM11 per share, amounting to an equity value of RM18.4 billion.
GIP, which is set to be acquired by New York-based BlackRock by the third quarter of this year, and the Abu Dhabi Investment Authority (Adia) are the consortium’s shareholders.
The consortium had announced a pre-conditional voluntary offer to acquire all the shares in MAHB not already owned at an offer price of RM11 per share.
Upon completion, GIP and Adia would own 30% of MAHB while Malaysia would own the remaining 70% as well as a golden share.
Last week, GIP’s head of transport, Philip Iley, said BlackRock would not be involved in transactions relating to MAHB’s privatisation.
He added that although it was announced in January that GIP was being acquired by BlackRock, GIP’s existing leadership team would retain full control and responsibility for the strategic direction and operation of the company. – June 24, 2024