As the sole shareholder of the country’s national airline, Khazanah Nasional Bhd is on the brink of making the call whether to provide another lifeline to Malaysia Airlines Bhd or simply skip out on the ailing carrier.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has consistently said the government would not inject any cash or capital into MAB and it is solely up to Khazanah to resolve the matter. The employment number has stayed despite the unprecedented event of Covid-19 as the airline took several measures, including extensive salary cuts, voluntarily unpaid leave and non-renewal of contract staff.
Venturing into the low-cost segment would give Khazanah more room to play in the market as it is relatively tougher to survive in the premium segment with MAB struggling to make payments owed to its creditors and lessors. “However, by having less financial burden compared to MAB, it would be a good opportunity for Firefly to rescale, especially with a lot of narrow-body planes in the second-hand market and leasing market with low rates.
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