Consortium bidding to run Malaysia Airlines pledges no job cuts
Malaysia Airlines will remain a flag carrier with no name change or wholesale layoffs if a potential bid led by former AirAsia chairman Pahamin Ab Rajab comes to fruition.
Pahamin confirmed talks were held with Malaysian Prime Minister Mahathir Mohamad over a possible stake sale.
Pahamin is leading a consortium mulling a bid but on condition it can be run without government interference.
The Malaysia PM recently intimated the government was considering selling off the airline along with other options, such as refinancing or even simply replacing the board.
"The airline will have the same national branding and will not change name. It will remain as Malaysia Airlines and it will be an international airline," Pahamin said.
A bid would be handled by a new holding company currently being set up called Najah Air for a 49 per cent stake.
A majority 51 percent would likely be retained by sovereign wealth fund Khazanah.
Najah Air reportedly has proof of funding and would reveal details of any restructuring once it has conducted three-month due diligence.
Pahamin served as non-executive chairman of AirAsia from 2001 to 2008.
Due to his past ties at AirAsia, there is speculation he is serving as a front for an eventual takeover by the low cost airline but this was rejected by Pahamin.
Airasia ‘will be a competitor if we get to turn around Malaysia Airlines,’ he said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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