Shareholders have formally approved a plan to make Macquarie Airports (MAp) independent of its parent, the Australian investment bank Macquarie Group.

Under the internalisation plan, MAp will pay the Macquarie Group A$345 million ($305 million) for the management rights. The shareholders also approved a plan to change the company's name to MAP Airports International, says MAp. It did not say when the change would take effect.

Following the approval, MAp also announced plans for a rights issue. Eligible security holders will be able to apply for one new share for every 11 existing MAp stapled securities for at a price of A$2.30.

MAp has stakes in several airports around the world including Sydney Airport, Copenhagen Airport and Brussels Airport.

Source: Air Transport Intelligence news