KUALA LUMPUR, Nov 19 ― A former Malaysia Airlines' chief executive officer's firm has an "alternative" plan that it says will cost less than RM6 billion to restore the ailing national carrier's fortunes and is hoping to partner with state investment arm Khazanah Nasional to carry it out.

The firm Jentayu Danaraksa Sdn Bhd said the final cost would depend on the government's acceptance of its plan, while also opting not to reveal the details of the "complex" proposal now.

"We will share it with the public if we get a chance to work with Khazanah Nasional Bhd. We are confident it will cost us much less than RM6 billion to save MAS," the firm's director Shukor Yusof was quoted telling Business Times, the business pullout in local daily New Straits Times.

Shukor was formerly an analyst of the aviation industry at US rating agency Standard & Poor's with over 13 years' of experience, while Jentayu's chairman and founder is former MAS chief Tan Sri Abdul Aziz Abdul Rahman.

Jentayu's strategy will not be focused on trimming MAS' staff strength or assets, but will be aimed at growing its flight business.

The financial advisory firm is reportedly eyeing 82 aircraft belonging to MAS, domestic flight arm Firefly Sdn Bhd, MAS Engineering Sdn Bhd and Penerbangan Malaysia Bhd.

Shukor also said Jentayu's plan is to reduce MAS' reliance on taxpayers' funds and to avoid loans until the airline has better cash flow.

"We plan to rehabilitate MAS and wean it from further using taxpayers' money. The airline business is capital intensive and MAS must be focused on building its cash reserves, which means to avoid borrowings until its cash flow stabilises," he was quoted saying by Business Times.

According to Business Times, Jentayu had on November 3 submitted to the prime minister its proposal that is meant to complement Khazanah's own 12-point turnaround plan for MAS.

But Shukor confirmed that his firm had yet to hear from Khazanah.

He also maintained that his firm had "no hidden agenda" and was not testing anything, pointing out its chairman had contributed much to the airline and legal sector.

Jentayu reportedly has RM100,000 in authorised capital, with Shukor saying that potential investors have been found for its plan to make MAS profitable again.

MAS was set to announce its third quarter result yesterday, but has postponed it to November 28 to allow for more time to include further details.

On August 29, Khazanah said it aims to make MAS profitable by 2017 by pumping in RM6 billion of public funds for the airline's restructuring, with half of it to be capital injection.

The company also expected to retrench 6,000 of its staff.