Khazanah names administrator for MAS's revamp

Kuala Lumpur

MALAYSIA'S sovereign wealth fund Khazanah Nasional Bhd said it has appointed Mohammad Faiz Azmi to oversee the restructuring of the now-delisted Malaysian Airline System Bhd (MAS) into a new company that will be owned by Khazanah.

Mr Faiz will oversee the transfer of the assets and liabilities of MAS and the new company, Malaysia Airlines Bhd, is due to start operating by September, Khazanah said in a statement, according to Reuters. Khazanah took MAS private last year as part of a RM6 billion (S$2.23 billion) restructuring aimed at returning the troubled carrier to profit.

In another development, MAS's staff will over the next few days get letters informing them if their services have been terminated or if they have been re-employed. MAS, one of the country's biggest government-linked companies (GLCs), will terminate its entire workforce to start afresh as a smaller airline with a regional focus rather than international, says a report in Malaysia's The Star daily. The only person spared is chief execu…