In a recent development, Datuk Dr. Radzi Jidin, Member of Parliament for Putrajaya, expressed deep concern over the suspicious sale of a 30% stake in Malaysia Airports Holdings Bhd (MAHB) to a foreign entity. Radzi emphasized that there is no urgent necessity to proceed with this transaction, questioning the rationale behind such a move.
Highlighting MAHB's financial robustness, Radzi pointed out that the company recorded a profit of RM543 million in the 2023 fiscal year, with substantial cash reserves amounting to RM1.845 billion. He challenged the government's decision to offload MAHB shares, asserting that the company is neither loss-making nor problematic.
Radzi raised eyebrows over the lack of transparency regarding the shareholding structure of the foreign consortium involved in the transaction, comprising entities such as the Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP). He stressed the importance of clarity, especially given the significant nature of the deal.
Citing the strategic value of MAHB's assets, Radzi underscored the importance of maintaining ownership of key infrastructure assets, particularly in light of Malaysia's strategic geographical position. He pointed to neighbouring countries where airport management remains predominantly in government hands, cautioning against relinquishing control of vital national assets.
Furthermore, Radzi questioned the necessity of involving foreign entities, considering MAHB's extensive experience and financial stability, highlighted by its successful management of Istanbul Sabiha Gokçen International Airport in Turkey. He argued that expertise could be obtained without resorting to selling off a substantial portion of MAHB's shares.
The crux of Radzi's argument lies in the intrinsic value of MAHB's concession agreements, encompassing 39 airports nationwide, with concessions extending until 2069. He emphasized that these airports constitute strategic national assets, critical for Malaysia's economic and geopolitical standing.
Radzi's concerns reflect broader apprehensions regarding the potential ramifications of the MAHB stake sale on Malaysia's economic sovereignty and strategic interests. As the debate intensifies, stakeholders await further clarification from the government regarding the rationale behind this significant transaction and its implications for the nation's future.
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