GIP said its current management team “will retain full control and responsibility for the strategic direction and operation of GIP and the businesses during which we’ve invested” following its acquisition by BlackRock, state news agency Bernama reported on Friday, citing a written response from GIP to move chief Phil Iley.
A GIP spokesman confirmed the Bernama report. Khazanah didn’t immediately reply to requests for comment.
Iley said the corporate would supply MAHB with as much operational support and assistance as needed despite being a minority shareholder.
“If our transformation is successful, we will strongly consider re-listing MAHB on the Malaysian Stock Exchange in the future,” he wrote.
Under the agreement, GIP and the Abu Dhabi Investment Authority will own 30 percent of MAHB, while the bulk stake will likely be held by Khazanah and the Employee Provident Fund, Malaysia’s largest pension institution. The fund didn’t reply to a request for comment on the GIP announcement.
BlackRock’s $12.5 billion acquisition of GIP is predicted to shut within the third quarter.
MAHB manages 39 airports in Malaysia and a world airport in Turkey.
