Media OutReach
As at 8 January, GDA Secures 84.1% of MAHB Shares
Offer extended to 17 January 2025. Offer Price remains firm at RM11.00 Per Share
The encouraging level of acceptances by the First Closing Date, despite the intervening holiday period, moves the Consortium decisively towards satisfying the 90% acceptance condition and thus the threshold required to de-list MAHB pursuant to the Offer.
For shareholders who have yet to submit their acceptances, the Consortium wishes to highlight that the offer period has been extended from 8 January 2025 to 17 January 2025. Save for the extension, all other terms including the offer price of RM11.00 and the 90% acceptance condition remain unchanged.
RM11.00 offer price higher than any price MAHB has traded
GDA remains firm that its offer price of RM11.00 per share is highly compelling and attractive to shareholders (see Chart #11). RM11.00 is higher than any price MAHB has ever traded at and represents a 49.5% premium YTD2 and implies a Price-to-Earnings ratio of 37.7x3.
All 14 licensed equity research analysts that currently cover MAHB4 have target prices that are either lower than or equal to RM11.00, and most also explicitly recommend that shareholders accept the offer.
MAHB needs to address shortcomings to compete regionally
The Consortium reiterates its view that MAHB’s shortcomings in maintaining its core assets and systems, and prolonged history of underperformance both operationally and financially, will only be properly addressed if it is not constrained by a public market listing and is able to take a fresh approach.
A case in point is the Aerotrain at KLIA Terminal 1 which has suffered multiple service failures over the last 10 years and continues to be challenged by ongoing and unresolved issues. As it nears the second anniversary of total service suspension, the re-opening date remains uncertain.
The Consortium believes one of the root causes of MAHB’s issues is its continuous underinvestment in critical operational infrastructure and in projects to drive growth and expansion.
Over the last 5 years, MAHB spent RM1.3bn in capex compared to RM18.9bn by Singapore’s Changi, RM8.1bn by Indonesia’s Angkasa Pura and RM6.8bn by Airports of Thailand (“AOT”)5 (see Chart #2).
This prolonged underinvestment by MAHB has resulted in an ageing asset base and led to a number of high-profile operational failures. Meanwhile, the passenger experience has deteriorated markedly, as noted by Skytrax whose ranking of KLIA has plummeted from 2nd best airport in the world in 2001 to 71st in 2024. MAHB’s airports are in urgent need of significant remediation and expansion capex.
Unsurprisingly, MAHB has been losing ground in the ASEAN aviation market. Over the last 10 years, KLIA has lost passengers while key regional peers have grown significantly6 (see Chart #3). This has resulted in MAHB’s market share declining from 20% to 16%7 (see Chart #4). Throughout this time, KLIA’s regional peers, including Changi Airport in Singapore and Suvarnabhumi Airport in Bangkok, continue to make significant investments to increase their capacity and further distance themselves from KLIA.
Operational challenges have contributed to MAHB’s financial underperformance
Over a 10-year period8, MAHB has consistently underperformed listed APAC peers across a number of key financial metrics (see Charts #5 – #7):
Moreover, MAHB’s dividend has remained stagnant over the last 10 years and MAHB distributed only RM0.11 per share in 2024. This implies a 1.0% dividend yield9, which is four times lower than the KLCI Bursa Malaysia Index10 and three times lower than the DJ Airports index11 (see Chart #8). The RM11 per share offer price compares to RM0.82 of dividends MAHB has paid over the past 10 years (see Chart #9).
Consortium committed to turnaround MAHB
As highlighted in the offer document dated 6 December 2024, the Consortium intends to upgrade and modernise MAHB’s operations, enhance passenger service, improve airline connectivity and stimulate traffic growth. The Consortium believes that such objectives will be best achieved by MAHB as a private entity, taking a long-term approach to decision-making and capital investment, and benefitting from GIP’s airport expertise.
With its combined resources, control of the board and without the constraints of a public market listing, the Consortium together with management will be able to expedite necessary capital investments and provide the requisite technical expertise to realise MAHB’s full potential.
This offer presents a compelling opportunity for MAHB shareholders to achieve immediate and attractive returns and GDA therefore encourages all shareholders who have not yet accepted the offer to do so before the revised closing time and date of 5:00 p.m. (Malaysian time) on 17 January 2025.
Hashtag: #GatewayDevelopmentAlliance
The issuer is solely responsible for the content of this announcement.
Jointly organized by AsianNet and TradeAsia (www.e-tradeasia.com), ASOP has delivered exceptional results since its inception in 2022, attracting international buyers and generating significant business opportunities. The 2025 edition promises to be even more expansive, with a six-month exhibition period strategically aligned with major international events, including Paperworld India, Designed Giftionery Taiwan, China (Shenzhen) International Gifts & Homeware Fair, Hong Kong International Stationery Fair, China Stationery Fair (CSF) 2025, and ISOT Tokyo 2025. This alignment creates a synergistic platform for global buyers, facilitating convenient comparisons and streamlined purchasing experiences.
ASOP 2025 has already secured the participation of numerous esteemed Taiwanese suppliers, including industry leaders such as FRLEND CHLU, ELASTIN INTERNATIONAL, HIGHGRADE TECH, FLYWELL INTERNATIONAL and ACE DRAGON. These exhibitors will present their latest innovations across a diverse range of categories, including: Art & Craft, Art & Drafting Supply, Bags, Binding & Cutting, Computer Accessory & Peripheral, Computer Input Device, Desk Supply, Educational Supply, Festival & Party Supply, Gift & Gift Set, Gift Packaging & Accessory, Office Equipment, Office Furniture, Office Kitchen, Office Stationery, Paper & Paper Product, Paper Machinery, Printer Supply, Promotional Product, Publishing Supply, Writing Supply. With thousands of innovative stationery and office products, along with practical accessories and solutions on display, ASOP 2025 promises a comprehensive, engaging, and highly focused experience tailored to the needs of buyers and professionals in the stationery and office supplies industry.
ASOP 2025 Online Exhibition：
https://www.etradeasia.com/online-show/36/Asian-Stationery-Office-Products-Online-Exhibition-2025.html
In response to the evolving landscape of international trade, ASOP 2025 offers an array of virtual solutions to ensure accessibility and global reach. These include dedicated exhibitor pages, electronic catalogs, and immersive virtual exhibition halls—all seamlessly integrated with TradeAsia. Buyers can explore products, initiate inquiries, and engage in procurement discussions in real time, eliminating geographical barriers and travel constraints.
Founded in 1997, TradeAsia (www.e-tradeasia.com) is a premier B2B international trade platform, serving as a vital link between global buyers and suppliers. With millions of registered members, over 600,000 suppliers, and a vast catalog of products, TradeAsia is a trusted resource for businesses seeking to expand their international presence. By fostering collaborations with hundreds of trading entities worldwide, TradeAsia amplifies visibility and marketing impact for its members, providing a competitive edge in the global market.
With its extended duration and comprehensive platform, ASOP 2025 is poised to be the most influential event for the stationery and office products industry in Asia. Don’t miss this opportunity to connect with leading suppliers and explore the latest innovations.
Hashtag: #TradeAsia
The issuer is solely responsible for the content of this announcement.
Accelerating Growth in AI and AI Compute
HONG KONG SAR – Media OutReach Newswire – 22 January 2025 – Yeebo (International Holdings) Limited (“Yeebo” or the “Company”, stock code: 259, which together with its subsidiaries is referred to as the “Group”) announced that the board of directors of the Company (the “Board”) resolved to declare a special dividend of HKD1.8 per share today.
Hashtag: #Yeebo
The issuer is solely responsible for the content of this announcement.
About Yeebo (International Holdings) Limited
Founded in 1988, Yeebo (International Holdings) Limited is a diversified electronic component company, with a wide range of business interests in flat panel display, OLED and capacitor. Headquartered in Hong Kong, the manufacturing activities largely reside in Guangdong and Jiangsu provinces. With a global sales footprint, Yeebo is able to serve its global customers on a local basis.
Media OutReach
Aon Forecasts 11.1 Percent Increase in Employee Medical Plan Costs for Businesses in Asia Pacific
Medical trend rates in the APAC region rank second-highest globally, according to report
SINGAPORE – Media OutReach Newswire – 22 January 2025 – Aon plc (NYSE: AON), a leading global professional services firm, has released its 2025 Global Medical Trend Rates Report. The report forecasts a projected 11.1 percent rise in the Asia Pacific region (APAC), which is higher than the global projected increase for 2024 of 9.7 percent, which represented the highest increase forecasted in 10 years.
Trend rate figures represent the percentage increase in medical plan costs per employee – both insured and self-insured. Knowing estimated costs in advance can help organisations budget and adjust their benefits philosophy in response, ensuring programs are sustainable.
This year’s report projects APAC will experience the second highest year-over-year trend rate increase after the Middle East and Africa, which has the highest trend rate of any region at 15.5 percent.
| Forecasted Medical Trend Rate from 2024 to 2025 | ||
| 2024 | 2025 | |
| Asia Pacific | 9.7% | 11.1% |
| Global | 10.1% | 10.0% |
| Europe | 10.4% | 8.9% |
| North America | 7.6% | 8.8% |
| Latin America and Caribbean | 11.7% | 10.7% |
| Middle East and Africa | 15.1% | 15.5% |
“The biggest rise in medical utilisation and inflation are now behind us in APAC, but recovery in insurer profitability is expected to keep medical trend rates in the double digits for 2025 and 2026,” said Alan Oates, head of global benefits for Asia Pacific at Aon.
“The high medical trend rate can also be attributed to a higher incidence of cancer and chronic conditions than before the COVID-19 pandemic. Managing the impact of medical inflation therefore should be a top priority for all southeast Asia markets and especially important in New Zealand, Papua New Guinea, Thailand and Vietnam, which are seeing 50 to over 100 percent increases compared to last year,” Oates explained.
The survey further revealed that prescription and specialty medications, including weight loss medication, innovations in medical technology, and geopolitical factors, are significantly impacting medical trend rates in APAC and around the world. In addition, support for emotional health as the fastest-growing claim in Aon’s APAC client portfolio, wellbeing initiatives designed to mitigate stress, along with other plan enhancements, are also contributing to the double-digit medical trend.
“Although most insurers are still raising premiums, we are seeing a slight drop in some markets where risk appetites are returning among insurance providers that were quick to take corrective measures in previous renewal periods. As these insurance providers can now offer competitive pricing terms, we are encouraging clients to test the market as there is increasing value in doing so,” said Marina Sukhikh, professional services industry practice leader, global benefits for Asia Pacific at Aon.
How are Companies Addressing Rising Costs?
Wellbeing programs, plan design changes, alternative financing, data and analytics and flexible benefits are among the top strategies employers are expected to undertake in 2025 to affordably promote a healthy workforce.
Sukhikh said, “Aon has observed growing co-investment in wellbeing initiatives by employers and insurers. Greater investment is being matched with greater scrutiny into investment return, and wellbeing programs are increasingly being integrated and aligned with prevention strategies. For example, more initiatives are targeting physical inactivity, poor stress management, hypertension, high cholesterol and other risk factors driving chronic conditions that lead to adverse future claims.”
“We are encouraging clients to seek a more integrated value-based outcome from insurers where they are cooperating in the sharing of data, investment in wellbeing and offering creative solutions for design and financing. Sophisticated analytics tools, such as Aon’s Health Risk Analyzer, are helping companies leverage a growing volume of multi-source data, not just to identify and mitigate today’s risks but to accurately predict and prepare for the risks of tomorrow. Technology is helping us identify under-served populations and anticipate opportunities faster than ever,” added Sukhikh.
According to Aon’s 2024 Global Benefits Trends Study, employers in around 60 percent of countries are expected to use flexible benefit plans to address diverse workforce needs while controlling overall benefit costs. Meanwhile, one in three are actively considering alternative benefits financing arrangements, such as multinational pooling, global underwriting and captives.
“More than at any point in the last 10 years we have observed employers taking steps to reduce plan design due to affordability. Flexibility and choice have been a valuable tool in design change because employees generally place a greater value on shorter-term flexibility and choice than they do on longer-term core benefits. Alternative funding will not materially reduce cost, which is generally determined by claims and scale, but it can smooth cost volatility over a longer period than is possible with direct insurance and that is helpful in this volatile market,” Oates added.
Read Aon’s 2025 Global Medical Trend Rates Report.
About the report:
The report is based on insights from 112 Aon offices that broker, administer, or advise on employer-sponsored medical plans in each of the countries covered in the report. The findings reflect the medical trend expectations of Aon professionals based on their interactions with clients and carriers represented in the portfolio of the firm’s medical plan business in each location.
As employer-sponsored medical plans become a larger part of total rewards spend and pressure mounts to accurately forecast and manage costs, this report is a valuable resource for organisations to plan global budgets and benefits strategies for 2025 and beyond.
Read Aon’s 2025 Global Medical Trend Rates Report.
Hashtag: #Aon
The issuer is solely responsible for the content of this announcement.
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
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Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.
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