AUST CO MACQUARIE AIRPORTS CHANGES NAME, CUTS TIES WITH PARENT

Macquarie Airports Ltd (ASX:MAP) has officially changed its name to MAp Airports International Ltd (MAp), cutting its ties with parent Macquarie Group (ASX:MQG).

MAp said on Wednesday the "Macquarie" name had been replaced with "MAp" as the new brand, but that the company would continue to trade on the Australian Securities Exchange under the same ticker "MAP".

The announcement follows a vote by MAp security holders last month in favour of MAp's plan to internalise its management by buying out the existing management rights from parent Macquarie Group for A$345 million (US$313.5 million).

MAp plans to raise the funds it needs to buy out its management rights through a one-for-11 non-renounceable entitlement offer at A$2.30 per security.

MAp said depending on the level of participation in the entitlement offer, which closes on October 28, the payment would be used to partially or fully fund the payment to Macquarie Group.

MAp said if the entitlement offer was not full subscribed it would use its cash reserves to a maximum of about A$190 million to fund the payment.

MAp also said there was no change to its final distribution guidance of eight cents per MAp security, taking the total distribution for 2009 to 21 cents per MAp security.

(AAP) rw

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