MAS Recovery Plan continues with new administrator
The 12-point Malaysia Airlines System Berhad (MAS) Recovery Plan continues to restructure the national carrier and set it back on the path to profit.
As a key part of the plan, Khazanah Nasional Berhad (Khazanah), the sole shareholder of MAS, has announced the appointment of Dato’ Mohammad Faiz Azmi as Administrator for MAS, effective May 25 2015.
The appointment of the Administrator will facilitate the transfer of selected assets and liabilities from MAS to the new company Malaysia Airlines Berhad (MAB), effectively by September 1 2015.
MAS continues to operate throughout the period up to and including August 31 2015, after which MAB will operate the business of the airline.
The appointment is a voluntary undertaking by Khazanah, with the transition from MAS to MAB is a key component of the 12-point MAS Recovery Plan, which was announced on 29 August 2014.
The plan also includes conditional investment funding by Khazanah of up to RM6 billion, disbursed on a staggered basis and subject to the fulfillment of strict conditions.
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