Malaysia Airports Holding Berhad (MAHB) has terminated the Share Purchasing Agreement (SPA) with the GMR Group for selling its 11% stake to the latter as the Indian infra major did not fulfil the obligations as per the agreement before December 31, 2018.
Earlier, GMR Infrastructure’s subsidiary GMR Airports had entered into an agreement with MAHB and its subsidiary to acquire 11% of the stake that the Malaysian company is holding in GMR Hyderabad International Airport, for $76 million.
GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.
