KUALA LUMPUR: MYAirline Sdn Bhd is inching closer to a new life as the carrier is waiting for the green light from Malaysia's aviation regulators to resume its operations.
The once cash-strapped airline is also believed to have found a white knight, assumed to be a Dubai-based investment banking group, to pump in the much-needed capital.
However, it is not made publicly known yet how much investment will be made and whether Datuk Allan Goh remains the airline's majority shareholder.
Industry sources said MYAirline is re-obtaining its conditional air service licence (ASL) from Malaysian Aviation Commission (Mavcom) before re-applying for an air operator certificate (AOC) from the Civil Aviation Authority of Malaysia (CAAM).
Mavcom confirmed to Business Times on Wednesday that it had received the application of a new ASL from MYAirline.
However, the aviation regulator – tasked to oversee the commercial and financial aspects of an airline – did not share when it received the application or other details.
CAAM, meanwhile, told Business Times that it had extended the suspension of MYAirline's AOC for another three months.
Although the AOC is suspended, the carrier could re-apply for a new AOC once it fulfills the licence requirements. Once it obtains the AOC, it could re-apply for a full ASL from Mavcom.
One of the requirements for AOC issuance and renewal based on CAAM's Civil Aviation Directives (CAD) – 6004 is that an airline that wants to operate scheduled flights must have a minimum fleet of two aircraft.
Sources said MYAirline is believed to have one Airbus A320 in its fleet and is securing another aircraft to meet the AOC requirements.
MYAirline said it could not comment on the new investor, fleet and future plans when contacted by Business Times today.
"We will definitely reach out to you when we have updates and news to share which we anticipate will be in the coming weeks," the airline added.
Earlier this month, the carrier said it was unable to confirm on its new investor due to the non-disclosure agreements (NDAs) signed.
"At this moment, we're unable to confirm as we're still in certain discussions that are under NDAs. We'll be issuing a statement once we have news to share," MYAirline told Business Times recently.
It is also not yet known who will run the airline and the new management team should the carrier resume operations. Currently, its key accountable manager is Datuk Azharuddin Abdul Rahman.
Since the abrupt suspension of MYAirline's flights on Oct 12 last year, Azharuddin was adamant that the carrier would not be closed down and it would eventually secure a new investment to kickstart its operations.
There have been a series of shocking news on MYAirline since October 2023 starting with the resignation of its former chief executive officer (CEO) Rayner Teo effective Oct 7.
The airline said in a statement that Teo, who helmed the budget carrier since its inception in November 2020, had resigned due to health reasons.
The carrier then appointed its former chief operating officer Stuart Cross as an interim CEO. However, Cross resigned about a week later.
The plot thickened when a potential local investor was believed to have pulled out of the deal to buy a controlling stake of MYAirline at the 11th hour that led to its suspension of flight operations since Oct 12.
Business Times had reported on Oct 11 that the carrier was close to securing a new investor to help it weather a financial storm.
MYAirline had said in a statement then that the painful decision to stop operating was made due to financial pressures that it was going through, confirming the report.
The budget carrier is also mired with news that it was unable to pay its services providers and employees on time.