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Company Update � Malaysia Airports
(REDUCE, maintain)
- Rights issue to fund ISGA acquisition As anticipated MAHB has proposed to undertake a right issue of 1- for-5 to raise up to RM1.3bn to fund the remaining 40% stake in Istanbul Sabiha Gokcen Airport (ISGA). Final price has yet to be determined. While this option will assure its AAA rating remains intact, group�s earnings base will however be diluted. Maintain REDUCE with an unchanged target price of RM6.20.
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