MMC shareholders approve purchase of Malaysia's Senai airport

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Shareholders in Malaysian investment holding company MMC Corp have approved the purchase of the southern city of Johor Bahru's airport for 1.7 billion ringgit ($467 million).

MMC says in a stock exchange filing that shareholders approved the acquisition at an extraordinary general meeting on 20 March.

The company announced in August that it had agreed to pay 1.95 billion ringgit for the airport's operating company, Senai Airport Terminal Services (SATS), through the issue of new shares. It announced in December that it had renegotiated the agreement and had agreed to pay 1.7 billion ringgit in cash for SATS.

Senai Airport, near Singapore, was owned by state-controlled Malaysia Airports Holdings until 2003, when it was acquired by interests closely linked to low-profile Malaysian tycoon Syed Mokhtar Albukhary, who is the majority owner of publicly traded MMC.

Senai Airport's main passenger airline customers are low-cost carrier AirAsia and national carrier Malaysia Airlines.