Khazanah to provide update on MAS restructuring by tomorrow

KUALA LUMPUR: The update on the restructuring of ailing Malaysian Airline System Bhd (MAS) will be revealed by Nov 29, said major shareholder Khazanah Nasional Bhd.
Managing director, Tan Sri Azman Mokhtar, said the announcement would be in line with the government's investment arm's initial plan which was to provide an update every three months.
"Nov 29 is exactly three months since we reveal restructuring plan," he told Bernama yesterday.
He said Khazanah's response to Jentayu Danaraksa Sdn Bhd's interest in buying some part of the national carrier's assets would also be revealed in the update.
On Aug 29, Khazanah revealed a 12-point restructuring plan worth RM6 billion aimed at returning Malaysia Airlines to profitability and putting it on stable ground.
Earlier this month however, Jentayu Danaraksa, a company linked to MAS former managing director and CEO Tan Sri Abdul Aziz Abdul Rahman, expressed interested to take over the airline's engineering division and Firefly and flight leasing company Penerbangan Malaysia Bhd which is owned by the Ministry of Finance.
Jentayu Danaraksa proposes to establish a flight leasing company and budget airline while at the same time enlarging the
maintenance, repair and overhaul business significantly.
The company said it has the financial backup from private investors and the backing of the airline employees unions and was capable of salvaging the 6,000 jobs that would be reduced under the new plan.