COMMENT | Answering two questions about the privatisation of Malaysia Airports Holdings Berhad (MAHB) will help to assess whether the offer price of RM11 per share is fair and reasonable.

Gateway Development Alliance, a consortium led by Khazanah Nasional and the Employees Provident Fund (EPF) is making the offer.

The first question is whether the offer price reflects the true value of MAHB. The second is if one of the shareholders of Gateway, Global Investment Partners (GIP) which is supposed to have expertise in airport management, can add value.

Nothing else really matters, including Blackrock's investment in the consortium through GIP.