Macquarie Airports (MAp) hopes to get shareholder approval to sever ties with its parent by early October, and existing investors could help to fund the process.
The operator of Sydney Airport announced plans in July to "internalise the management" of MAp by cutting ties with the Macquarie Group, Australia's largest investment bank. Macquarie would increase its stake in MAp to 27.3% but give up management control under the plan.
A meeting to get its shareholders' nod for the decision and a change of name will be held in "late September or early October", MAp says in a stock exchange filing. It adds that existing shareholders have expressed an interest to help "fund the internalisation" and it is in talks with Macquarie on this.
MAp's main asset is Sydney Airport, Australia's main gateway, in which it has a 74% stake. It also owns shares in and operates airports in Copenhagen, Brussels and Bristol.
The move comes after Macquarie decided earlier this year that its future was in moving away from publicly listed funds like MAp, which had fuelled its growth for several years.
Source: Air Transport Intelligence news