KUALA LUMPUR: Little-known Jentayu Danaraksa Sdn Bhd will announce details of the investors who will provide funds in the next 10 to 14 days to help it buy Malaysia Airlines’ (MAS) strategic assets.
Jentayu director Shukor Yusof told Business Times yesterday that it had assembled a small consortium of financiers from Asia Pacific to acquire MAS’ Penerbangan Malaysia Bhd (PMB), including the four aircraft that it owns as well as 82 aircraft from MAS’ fleet.
“Financing is in place. Otherwise, we would not be in this position. So, we are ready to talk to Khazanah Nasional Bhd and we are waiting for them to open their doors to us to present our plan that is complementary to their 12-point plan,” he said.
The 12-point recovery plan for the national carrier, announced by Khazanah in August, entails the creation of a new company to house a rejuvenated MAS, which will see a reduction in workforce by 30 per cent as well as migrating to proper work practices and contracts.
Meanwhile, Jentayu’s complementary plan is to also acquire MAS Engineering and FlyFirefly Sdn Bhd (Firefly), besides PMB and the 82 MAS aircraft.
According to MAS’ 2013 annual report, the airline has 108 aircraft comprising B737-400s, B777-200s, Airbus A330-300s and A380-800s as at December 31 last year.
However, including MASkargo, Firefly and MASwings, its fleet size is 147.
Firefly has 16 aircraft comprising two B737-400 jets, 12 ATR72-500 and two ATR72-600 as at the end of last year.
Shukor said based on assumptions, Jentayu is looking at some US$500 million (RM1.7 billion) for all 86 aircraft.
However, Jentayu chairman Tan Sri Abdul Aziz Abdul Rahman, who is also a former MAS managing director, said the exact amount of financing to buy the aircraft is yet to be known as they are waiting to discuss the issue with Khazanah.
He said the company’s objective is to relieve MAS of its burden and it has no intention of taking control of the national carrier.
“People think that we are buying over MAS but we are not. We only want to assist the government to revive MAS. The government needs as much help as possible,” Abdul Aziz added.