Is it time to let Malaysia Airlines fend for itself?
THIS year - it was hoped - would be remarkably different for ailing Malaysia Airlines (MAS).
Against all odds, it would rise like a phoenix and stage a grand comeback to Bursa Malaysia amid cheer that shareholder Khazanah Nasional Berhad has nailed it (finally) and restored the carrier's fortunes and alongside that, national pride.
All that sounds absurd now.
Malaysia's sovereign-wealth fund Khazanah last week reported its first pre-tax loss since 2005 for 2018 owing to huge impairments of RM7.3 billion (S$2.4 billion), half of which stemmed from provisions related to the airline company Malaysia Airlines Berhad (MAB).
Since Khazanah took the national airline private five years ago and coughed up some RM6 billion to keep it afloat under a survival plan that saw the airline do almost everything conventionally possible - cut jobs, routes and planes plus supplanted by a newco and unprecedentedly, twice picked foreigners to helm the government-linked company (GLC) - MAS h…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China knockoff raid jolts a global throng of fake-fashion influencers
Tesla profits tumble but shares rise on new vehicle plan
Brokers’ take: CGS International upgrades Nanofilm to ‘hold’ despite lower target price
Roche cuts pipeline after research setbacks and sales drop
Brokerage Haitong removes long-term Hong Kong unit chief Lin, appoints new head
London stocks hit new record at open