SEPANG: Brahim's Holdings Bhd is ready to welcome Malaysia Airlines owned by Malaysia Aviation Group (MAG) back with open arms should the latter decide to work together again.
"We're very open to welcome them (MAG) back. But of course the terms must be fair. I'm doing a very fair business. If the term is fair then we're willing to accept (them back)," Brahim's group chief executive officer Mohd Fadhli Abdul Rahman told the media at a press conference today.
Malaysia Airlines has been in the news recently for flight delays and dissatisfaction with its onboard meals brought on by the change in inflight catering supplier since September 1, 2023.
Brahim's in-flight catering company, Brahim's Food Services Sdn Bhd (BFS) stopped supplying in-flight meals onboard MAG's Malaysia Airlines Bhd since Sept. 1 after an effort to reconcile the two companies differences failed, leading them to end their two decade catering contract.
MAG however still owns a 30 per cent interest in BFS, while Brahim's holds the remaining 70 per cent stake.
Malaysia Airlines
BFS continues to supply in-flight meals to 35 of its foreign airline clients, Qatar Airways, Emirates, All Nippon Airways, Japan Airlines and Turkish Airlines to name a few without any disruptions.
Brahim's executive chairman, Datuk Seri Ibrahim Ahmad said BFS can survive without MAG, despite MAG previously making up 50 per cent of BFS' revenue.
On whether Brahim's stake in BFS is up for sale, Ibrahim said there were a number of companies, including MAG, that have approached BFS to purchase their shares.
"We do intend to let go of the 70 per cent at the right and fair price. There are local interested parties (that have approached us) and one foreign interested party also. But that's all in discussion (right now)," he added.
Mohd Fadhli when asked on the "right price" for its stake in BFS, said it would be more than the RM129 million pricetag which Deloitte Malaysia attached to it.
On August 23, the New Straits Times (NST) reported that Deloitte Malaysia valued Brahim's 70 per cent interest in BFS at up to RM129 million, excluding any goodwill.
The estimate was based on Deloitte Malaysia's valuation of between RM162.8 million and RM184 million for BFS as a whole.
MAG group managing director Datuk Izham Ismail recently said in an interview that the group is considering three options as its long-term plan to improve Malaysia Airlines' in-fight service.
Two of the options include operating its own in-flight catering facility via a joint venture with a foreign in-flight catering company or purchasing Brahim's 70 per cent stake in BFS either by itself or with a foreign partner.