International Asia Businessmen raising $330m to secure Malaysia Airlines deal

Businessmen raising $330m to secure Malaysia Airlines deal

Author

Date

Category

- Advertisement -

KUALA LUMPUR — A group of businessmen led by AirAsia Group Bhd co-founder Pahamin Ab Rajab is seeking about RM1 billion or Singapore dollar 330 million from a Japanese lender to support a bid to secure the take over of ailing Malaysia Airlines Bhd.

The company Najah Air Sdn Bhd is in talks with the lender but it is still the early stages and no guarantee is given that the deal wil happen, reports The Edge Markets.

https://www.theedgemarkets.com/article/pahamins-najah-air-said-be-seeking-rm1b-first-funding-malaysia-airlines

The Malaysian national carrier is losing money and Prime Minister Tun Dr Mahathir Mohamad had said last week the government might ground all the flights to cut operating costs.

- Advertisement -

The government is also waiting for concrete offers for a reliable salvation plan for the airline. The decision to sell the airline came into light after Dr Mahathir said he was okay with the sale in June.

This caused ex-PM Najib Razak to plead for the airline saying the government should continue pumping taxpayer’s money in the loss making entity.

If Najah Air takes over the airline, the Japanese lender will become the main funding source for the takeover, the Edge Financial Daily reports.

Earlier this month, a group of businessmen met with Dr Mahathir to discuss take over plans which has to come with a turnaround strategy and the airline keeping its national carrier status.

Dr Mahathir had said the sale will not mean the airline will not be called national carrier and insisted there should not be any job loss in the process.

However, blogger Gunesh Sahathevan says the group in the takeover bid does not have the track record to justify a deal with them.

The Edge Markets also says tycoon Tan Sri Syed Azman Syed Ibrahim of Weststar Group, invited by Khazanah Nasional Bhd (the sole owner of the Malaysia Airline), is in talks with Najah Air. They want to team up to take over the airline.

Malaysia Airlines’ net loss increased by 85% year on year to RM812.11 million for the financial year ended Dec 31, 2017 (FY17). It has yet to file its financial statements for FY18, reports The Edge Markets.

Send in your scoop to news@theindependent.sg 

- Advertisement -

Almost 8 out of 10 vote PN can’t survive GE 15 without UMNO

Almost eight out of 10 respondents on a Twitter survey voted that Bersatu will not survive GE-15 without UMNO, according to BFM radio survey held this morning (22/2/2021) during its Morning Run programme. Of the 206 voters (respondents) in the final countdown,...

Foodpanda rider called “Blur Sotong” by netizen

Singapore — A Foodpanda rider shared his unfortunate experience with a customer. He took to Facebook on Saturday morning (Feb 20), sharing screenshots of the conversation. Posted by Chan Okada SJ on Friday, 19 February 2021 The rider shared that the customer had asked...

Journalist claims Karen Mok is the only woman Stephen Chow has ever thought of marrying

Hong Kong -- Last year, comedian Stephen Chow's public and ugly legal battle with his former girlfriend over their finances gave a rare peek into the personal life of the fiercely private 58-year-old. It was reported that out of all the women...

Send in your scoop to news@theindependent.sg 

Theindependent