Shareholders awaiting Malaysia Airlines’ strategic plan, says Khazanah

A passenger takes pictures of a Malaysia Airlines plane at the Kuala Lumpur International Airport March 16, 2014. — Reuters pic
A passenger takes pictures of a Malaysia Airlines plane at the Kuala Lumpur International Airport March 16, 2014. — Reuters pic

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KUALA LUMPUR, July 7 — Shareholders are waiting for Malaysia Airlines Bhd (MAB) to come up with a strategic plan to revive the ailing carrier as soon as possible, according to Khazanah Nasional Bhd.

“Quite clearly there’s time pressure, they need to figure it out as soon as possible. But we leave it in their hands,” Khazanah’s managing director Datuk Shahril Ridza Ridzuan told reporters on the sidelines of Invest Malaysia 2020 today.

Acknowledging that MAB suffered further blow when Covid-19 struck, he said, Khazanah would provide input and assist the company in its plans to move forward.

“But it will take some time to work out,” he noted.

Asked on the pandemic’s impact on MAB, Shahril said like other airlines, demand and capacity dropped to less than five per cent of what it used to be, even after the initial movement control order (MCO) was lifted.

“Demand is slowly coming back. I think people are adjusting and that’s what makes it tricky in terms of being able to project what the real demand is going to be.

“Even though travelling by air is perfectly safe from the point of view of how planes are fitted out with filters and everything else, naturally there is a bit of apprehension. It will take time for the market to recover,” he added.

Meanwhile, he looks forward to MAB’s new leadership under Tan Sri Wan Zulkiflee Wan Ariffin and is hopeful that the latter would bring the airline to new heights and able to handle the crisis it was facing.

Former Petronas’ president and chief executive officer Wan Zulkiflee was appointed MAB Chairman effective July 1, 2020. — Bernama

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