Khazanah Nasional Berhad (“Khazanah”), the sole shareholder of Malaysian Airline System Berhad (“MAS”), today announced the appointment of Dato’ Mohammad Faiz Azmi as Administrator for MAS, effective 25 May 2015.
The appointment of the Administrator will facilitate the transfer of selected assets and liabilities from MAS to the new company Malaysia Airlines Berhad (“MAB”), effectively by 1 September 2015. MAS continues to operate throughout the period up to and including 31 August 2015, after which MAB will operate the business of the airline from 1 September 2015 onwards.
The appointment is a voluntary undertaking by Khazanah and is made pursuant to the Malaysian Airline System Berhad (Administration) Act 2015 (“MAS Act”), which was passed by both houses of the Malaysian Parliament last year. The MAS Act provides for an effective, efficient and seamless means to transition the business, property, rights, liabilities and affairs of MAS to MAB.
The transition from MAS to MAB is a key component of the 12-point MAS Recovery Plan, which was announced on 29 August 2014, to restructure the national carrier and set it on a path towards sustainable profitability. The MRP also includes conditional investment funding by Khazanah of up to RM6 billion, disbursed on a staggered basis and subject to the fulfillment of strict conditions.
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For further information on Khazanah, please visit www.khazanah.com.my or contact Mohd Raslan Md Sharif at +603 2034 0000, or e-mail at [email protected].
About Khazanah Nasional Berhad
Khazanah Nasional Berhad (Khazanah) is the strategic investment fund of the Government of Malaysia entrusted to hold and manage the commercial assets of the Government and to undertake strategic investments. Khazanah is involved in various sectors such as power, telecommunications, financial institutions, healthcare, aviation, infrastructure, leisure & tourism, property, creative & media, education, and innovation & technology. Some of the key listed companies in Khazanah’s investment portfolio include Telekom Malaysia Bhd, Tenaga Nasional Bhd, CIMB Group, Axiata Group Bhd, IHH Healthcare Bhd, Malaysia Airports Holdings Bhd and UEM Sunrise Bhd.
For further information, please visit www.khazanah.com.my