Malaysian firm seeks part of MAS’ assets

Malaysian financial advisory firm, Jentayu Danaraksa (JD), is said to be looking to buy two of Malaysia Airline’s (MAS) subsidiaries – Firefly, the full-service point-to-point carrier arm of MAS and MAS Engineering Sdn Bhd – as the deeply troubled national carrier undergoes restructuring.


Malaysian firm seeks part of MAS’ assets


Malaysian financial advisory firm, Jentayu Danaraksa (JD), is said to be looking to buy two of Malaysia Airline’s (MAS) subsidiaries – Firefly, the full-service point-to-point carrier arm of MAS and MAS Engineering Sdn Bhd – as the deeply troubled national carrier undergoes restructuring. JD was founded and chaired by former Malaysia Airlines managing director Abdul Aziz Abdul Rahman and includes well-known aviation analyst Shukor Yusof as the group’s director.

 

The group has reportedly put forward a MYR8.75 billion (US$2.5 billion) proposal to acquire Penerbangan Malaysia Bhd (PMB), Malaysia Airlines’ parent prior to its sale to the country’s sovereign wealth fund Khazanah and establish a “premium economy” airline called Fly JD and a leasing firm called JD Leasing. The deal would see JD operate 86 aircraft ( four from PMB and 82 acquired from Malaysia Airlines) while its personnel would be sourced from the estimated 6,000 employees MAS will lay off as part of its Khazanah-led restructuring plan.

 

The new carrier would service routes within the Association of South East Asian Nations (ASEAN) region not served by Malaysia Airlines, while JD Leasing will partner a “reputable” international aircraft leasing firm, Yusof told Malaysian media recently. Firefly currently operates from two hubs – Sultan Abdul Aziz Shah Airport, Subang, Selangor and Penang International Airport.