PRESS STATEMENT BY DR NUNGSARI AHMAD RADHI, CHAIRMAN OF MALAYSIA AIRPORTS HOLDINGS BERHAD

SEPANG – Malaysia Airports Holdings Berhad (MAHB or the Group) held our last Board meeting as a Bursa Malaysia-listed company yesterday. This marks the end of a 25-year journey as a public-listed company that began in November 1999 when it debuted at RM2.50 per share. The offer by the Gateway Development Alliance (GDA) consortium to privatise MAHB was recently concluded at RM11.00 per share. This reflected a compounded average growth rate (CAGR) of over 6% in share price over the 25 years. The company has also distributed a total of RM2.806 billion of dividends up to 2023.  

With the impending delisting of MAHB from Bursa Malaysia, all Independent Non-Executive Directors (INED) tendered their resignations, which will be effective on the date of delisting. They are: Senior Independent Non-Executive Director, Dato’ Ir Haji Mohamad Husin; and Independent Non-Executive Directors Mr Ramanathan Sathiamutty; Madam Cheryl Khor Hui Peng; Dato’ Seri Ir Koe Peng Kang; and Mr Chris Chia Woon Liat. Non-Independent Non-Executive Director, Tan Sri Datuk Zainun Ali, who had previously served as Chairman of the Board, has also tendered her resignation following the conclusion of her tenure as a Ministry of Finance (Incorporated)’s [MOF Inc.] nominee on the 16th of February 2025.  

I would like to personally thank all of them for their services to the company. They have conducted themselves professionally and upheld the highest standards of governance throughout the time they served on the Board. They brought to the company their individual talent and experiences that have benefited the company. 

As we end this phase of the MAHB journey, I would also like to thank the management, staff and the three unions within the MAHB Group for their dedication to the Group.  

The performance of the last two years reflected a strong rebound from the setbacks triggered by the Covid-19 pandemic. Notably, MAHB signed new Operating Agreements (OA) and Lease Agreements (LA) with the Government of Malaysia in March 2024 to manage 39 airports and STOLports. The new agreements lengthen the operating period to 2069, and provide clarity on how MAHB could recover its capital expenditure on airports. The Group subsequently embarked on the expansion of both Penang and Kota Kinabalu International Airports.  


MAHB remains a AAA-rated company by RAM Ratings and A3 by Moody’s, enabling it to raise funding at very competitive rates from the capital market. MAHB also secured a 99-year lease for KLIA Aeropolis in November 2022 under the Development Agreement (DA). The DA and LA allow MAHB to further catalyse economic development via off-terminal related aviation and commercial related projects. 

At the Group level, we closed 2024 with 135 million passengers recorded. The Istanbul Sabiha Gokcen International Airport (ISG) closed the year above a record 41 million passengers, and with a 20% increase in cargo tonnage. It added 16 new destinations and now serves a total of 141 destinations in 51 countries. The Malaysian operations saw a 15% growth in passengers, and 12 new airlines flying into the country with existing airlines adding 75 new routes. Malaysia is now linked to 124 international destinations via our hub, KL International Airport (KLIA) and our four other international airports. Non-aeronautical revenues grew faster than aeronautical revenues in 2024 and contributed to 45% of total revenue. Our airports in Malaysia are close to 90% retail occupancy, ahead of pre-pandemic levels. The Aerotrain project at KLIA is in progress, and undergoing extensive testing ahead of its operational date in the second quarter of 2025 (Q2 2025).  

For the 9 months ended 30 September 2024, we reported a revenue of RM4.3 billion and profit after tax (PAT) of over RM600 million. As a testament to our strong financial performance, we have again been recognised by The Edge Billion Ringgit Club in 2024 as achieving Highest Returns to Shareholders Over Three Years. On the operations side, Langkawi International Airport won the Airport Service Quality (ASQ) Award for Best Airport (2 to 5 million passengers per annum) in Asia-Pacific for the third year in a row, Centre For Aviation (CAPA) awarded KLIA the Large Airport of the Year 2024 award, and OAG Megahubs recognised KLIA as the Number One LCC Hub in 2024. 

On the sustainability front, Langkawi and Kota Kinabalu International Airports obtained Level 1 Airport Carbon Accreditation (ACA) by Airports Council International (ACI), for which KLIA has already achieved Level 3. Meanwhile, both Penang and Kota Kinabalu International Airports will be expanded as green airports, with Penang having the first remote digital virtual tower in the region. 

I am indeed privileged to be with the Board, management and staff on this journey. 

MAHB started out as a Government agency under the purview of the Ministry of Transport, then a corporatised entity and eventually a public-listed company. The impending delisting and privatisation will see MAHB emerge as a single shareholder company, owned 100% by GDA, with the Government remaining a Special Shareholder. 

The new shareholders - Khazanah Nasional Berhad, the Employees Provident Fund and Global Infrastructure Partners – will now be collectively responsible for the well-being of the company, the welfare of its staff and the overall development of the aviation sector in Malaysia more generally. I expect them to bring MAHB to greater heights while fulfilling the obligations of the OA here in Malaysia and the concession agreement at Istanbul Sabiha Gokcen International Airport.