No quick solutions for ailing Malaysia Airlines

No quick solutions for ailing Malaysia Airlines
Azman (left) and Khazanah executive director/head of strategic management unit Ahmad Farouk Mohammed showing The Khazanah Report 2013 and the GLC Transformation Programme Progress Review 2014 booklet at the sideline of Invest Malaysia 2014.

KUALA LUMPUR - Khazanah Nasional Bhd, the major shareholder of Malaysia Airlines (MAS), has dismissed any quick solution to the problems facing the ailing carrier, saying it is working on a plan it hopes to unveil in six months to a year's time.

Managing director Tan Sri Azman Mokhtar said it was exploring all options to map out a plan to resolve MAS' problems and put it on a sustainable business model.

Azman said MAS could weather the storm in the short term.

"Over the immediate term I believe there is enough headroom in terms of finances, but over the medium to longer term, this thing needs to be solved in a sustainable manner," Azman said at a press conference at Invest Malaysia 2014 yesterday.

He also acknowledged the tough challenges the current MAS management headed by group CEO Ahmad Jauhari Yahya faced.

"For the leadership to do this (sustainable business model) is very challenging and we appreciate that Ahmad Jauhari and his team are working very hard," he said

He said Khazanah which was currently doing a study on the matter, including consulting with its stakeholders, would make a decision to forward to the Government in the immediate term.

"We have done a lot of work, more so especially in the past 1½ years. We need to look at all options and I categorically say that all options are being reviewed given the seriousness of the situation and the importance of MAS to the country. We have to be balanced to safeguard the interests of taxpayers, Government, shareholders and bondholders," Azman said.

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