KUALA LUMPUR – Opposition lawmaker Wan Ahmad Fayhsal Wan Ahmad Kamal (Machang-PN) has demanded an explanation over Global Infrastructure Partners’ (GIP) role as a technical partner in Malaysia Airports Holdings Bhd’s (MAHB) proposed privatisation exercise.
The Bersatu lawmaker added that there was no clarification after GIP’s official statement on June 21, in which it said it would be a technical partner involved in the management of MAHB’s airports.
“(This implies that) GIP will have ownership of airport data,” he claimed at a press conference in Parliament after Prime Minister Datuk Seri Anwar Ibrahim (Tambun-PH) addressed the issue in the Dewan Rakyat today.
The August house had earlier heard Anwar’s response to issues surrounding the MAHB deal, which proposes the establishment of a consortium led by national sovereign wealth fund Khazanah Nasional Bhd, via its wholly owned subsidiary UEM Group Bhd and the Employees Provident Fund (EPF).
Shareholders of the consortium, named the Gateway Development Alliance (GDA), will include foreign entity GIP, which is set to be acquired by Israel-linked investment funds manager BlackRock Inc, and the Abu Dhabi Investment Authority (Adia).
Under the proposed move to take MAHB private, GIP alongside Adia will own 30% of MAHB’s shares, while Khazanah and EPF will hold the remaining 70% stake as well as a golden share.
In the statement referred to by Wan Fayhsal, GIP head of transport Philip Iley previously said: “… although we will only be a minority shareholder, we expect to play the role of a technical partner in GDA and bring MAHB as much operational support and assistance as it needs.”
Iley also said BlackRock would not be involved in transactions relating to MAHB’s privatisation, noting that GIP’s existing leadership team would retain full control and responsibility over the strategic direction and operation of the company.
This is despite BlackRock’s acquisition of the company, which is expected to be completed in the third quarter of this year.
Anwar also told the lower House that GIP had agreed with strict conditions set by Khazanah, including that the chairman and CEO of MAHB must be Malaysians and that the majority shareholder must also be Malaysian.
Responding to accusations of “abandoning” Malaysia’s pro-Palestine stance by working with GIP, Anwar also said the previous Perikatan Nasional administration in 2021 oversaw deals involving BlackRock and EPF.
“The government now is being attacked by the opposition (due to the proposed MAHB deal). Have they forgotten an important decision on February 26, 2021, when Pagoh (Tan Sri Muhyiddin Yassin) was prime minister, allowing BlackRock a role here?
“The decision allowed BlackRock to be a funds manager for the world’s first and biggest shariah-compliant direct investment and co-investment private equity separately managed accounts with an allocation of US$600 million or RM2.5 billion.
“Congratulations. At that time, if you ask me now, I’d defend the decision and not make it into a political issue. I’m sure EPF reported to (Muhyiddin) and the cabinet then that this (BlackRock) is just an investment company.” – June 25, 2024