KUALA LUMPUR, March 3 (Reuters) - Malaysia Airports HoldingsBhd (MAHB) started its $306-million share sale onMonday, seeking to raise funds to buy a 40 percent stake inIstanbul's Sabiha Gokcen airport from India's GMR Group.
The company is offering 124.05 million new shares, or 10percent of its existing share capital, to institutionalinvestors in an indicative price range of 7.70 ringgit to 8.10ringgit per share, according to a term sheet seen by Reuters.
The market price for its existing shares ended unchanged at8.38 ringgit on Monday, prior to the start of the new sharesale, which is being conducted through a bookbuilding process.
Buyers will be entitled to get a dividend of not less than5.78 sen per share, subject to MAHB's shareholder approval atits annual general meeting on March 20. The lock-up period forinvestors is 90 days, the term sheet showed.
The new shares will list on the local bourse on March. 12,it added.
MAHB, which counts Malaysian state investor KhazanahKHAZA.UL as one of its major shareholders, has been expandingoffshore and now has interests in four foreign airports,including two in India, one in the Maldives and Sabiha Gokcen inTurkey, where it already has a 20 percent stake.
CIMB, Credit Suisse and JP Morgan are the jointbookrunners for the share sale. (Reporting By Yantoultra Ngui; Editing by Greg Mahlich)
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