... having emerged from the COVID-19 crisis stronger than most of its regional peers, MAHB has since crossed two major milestones: the full recovery of its pre-pandemic traffic — and its transition out of the public markets entirely.

In May 2024, a consortium known as the Gateway Development Alliance (GDA) — comprising Khazanah Nasional Berhad (Malaysia’s sovereign wealth fund), the Employees Provident Fund (EPF), Abu Dhabi Investment Authority (ADIA), and Global Infrastructure Partners (GIP, now part of BlackRock) — launched a conditional voluntary takeover offer at MYR 11.00 per share, valuing MAHB at MYR 18.4 billion (USD 4.5 billion). By January 2025, acceptances had surpassed the 95% threshold, rendering the offer unconditional. MAHB was subsequently delisted from Bursa Malaysia on 25 February 2025, ending a 25-year run as a publicly listed company. The resulting ownership structure places Khazanah (via UEM Group) and EPF at 70% of the equity, with GIP and ADIA jointly holding the remaining 30%.

The transaction marked the highest MAHB share price since its 1999 IPO — a compound annual growth rate of over 6% across a quarter century. More strategically, the delisting frees the group from the short-term reporting pressures of public markets, opening the door to longer-horizon capital deployment and a more commercially-driven governance model. GIP, with its track record at London Gatwick and Edinburgh, is expected to bring operational benchmarking and non-aeronautical revenue discipline, while ADIA’s participation provides long-term capital stability. Khazanah and EPF anchor the consortium’s alignment with Malaysia’s national development priorities.

MAHB’s global network closed 2025 with 153.3 million passenger movements — up from 135 million in 2024 and exceeding the group’s own pre-pandemic benchmark for the first time. Within Malaysia, the 39-airport network handled 104.4 million passengers, an 11.2% year-on-year increase, with December 2025 alone reaching 10 million — the busiest month on record, driven by the Christmas-to-New Year festive peak. The milestone also signals strong momentum heading into Visit Malaysia 2026, the government’s flagship inbound tourism campaign.

At Istanbul Sabiha Gökçen (ISG), the group’s Turkish concession delivered another record year: 48.4 million passengers in 2025, making ISG the ninth-busiest airport in Europe and the fastest-growing major European airport in early 2026, with traffic up 8% year-on-year in the first four months to 15.3 million passengers. A €34 million Passenger Flow Improvement Project — covering security and passport control upgrades — was commissioned without disruption to operations. ISG now serves 154 destinations across 55 countries, adding 29 new routes in 2025 alone.