Khazanah chief defends past MAS restructuring efforts

Tan Sri Azman Mokhtar (L) pronounced which MAS would be in even worse shape currently had prior attempts at restructuring not left ahead. Picture by Jack Ooi

KUALA LUMPUR, Aug 9 Khazanahs managing senior manager defended currently prior efforts at reforming the inhabitant flag conduit in which he as well as his colleagues were involved.

Tan Sri Azman Mokhtar told the press conference following the proclamation of the vital tie-up in between Malaysia Airlines (MAS) as well as AirAsia which he as well as his team had at slightest managed to keep the inhabitant airline afloat.

If you had not finished earlier restructuring, MAS would be in even worse shape today, he pronounced when asked if the partnership was the final try to reform MAS which the open could design to see. I consider you have repositioned ourselves as well as this is the start though there is still the lot to do.

Khazanah Nasional Bhd senior manager executive as well as newly designated MAS senior manager director, Mohd Rashdan Mohd Yusof, popularly well known as Danny, was partial of the BinaFikir consultancy which engineered the wide asset unbundling (WAU) restructuring which done MAS the practical airline in 2002. BinaFikir was afterwards led by Tan Sri Azman Mokhtar, who is now managing senior manager of Khazanah, the infancy shareholder in MAS.

When asked what is different about this tie-up contra prior tie-up attempts which failed, Azman pronounced which the airline industry wasnt ready at the time.

Umno Youth chief Khairy Jamaluddin was rarely vicious of the ultimate try to reform MAS currently as well as appeared to indicate out Azmans purpose in prior attempts, saying upon micro-blogging website Twitter: Jurys still out upon this MAS-Air Middle East deal. MAS presently screwed. Azman Mokhtar & Idris Jala couldnt save it operationally. Who can?

Some analysts were optimistic which the! ultimat e understanding could put the flag conduit upon firmer footing although they criticised the WAU practice as the single which had proven to be unworkable.

One airline industry analyst pronounced which todays understanding appeared ironclad with little space to back out due to an agreement which the shares substituted have been not transferable for the subsequent dual years, in addition to the partnership period which could final up to 10 years.

He additionally pronounced which he felt MAS CEO Tengku Azmil Zahruddin Raja Abdul Aziz, who quiescent currently to stick on Khazanah, had been since as well little credit as well as which his plans to renew the swift would bear ripened offspring in the coming years.

The new planes had recaro seats as well as Panasonic inflight entertainment, pronounced the analyst. People favourite the new planes which were getting fuller as well as the yields getting better. Unfortunately MAS could not sequence 100 planes the year though had to do it in phases which done the process slow.

He combined which the current crop of stakeholders in the mutation of the inhabitant conduit was running out of time to encounter marketplace as well as taxpayer expectations.

They have to deliver, he said. If they dont, they cant design any sympathy. There is no excuse for not performing.

Under the share barter unveiled today, AirAsias main shareholder Tune Air Sdn Bhd will barter the 10 per cent interest in the bill conduit for the 20.5 per cent share of the bum flag conduit in the agreement called the Comprehensive Collaboration Framework.

Before the share swap, Tune Air was the greatest shareholder in AirAsia with the 26.28 per cent interest while Khazanah hold 69.33 per cent of MAS.