KUALA LUMPUR: MYAirline Sdn Bhd is believed to be close to securing a new investor, potentially Sarawak Premier Tan Sri Abang Johari Tun Openg's son Abang Abdillah Izzarim Abang Abdul Rahman Zohari, as the cash-strapped airline weathers through a financial storm.
Abang Abdillah, who started his professional career as a qualified commercial pilot, is believed to have attended a meeting with MYAirline representatives on Oct. 9 as well as a town hall recently.
Business Times learnt that the majority shares currently held by entrepreneur Datuk Goh Hwan Hua would most likely be sold to Abang Abdillah.
Goh holds the shares through two private companies, Zillion Wealth Bhd and Trillion Cove Holdings Bhd. Both companies own 88 per cent and 10 per cent of shares in MYAirline respectively.
Interestingly, Abang Abdillah's initial business venture was with Aerotrain Charter Sdn Bhd, a company specialised in aviation cargo located in Kuching.
It is unclear if MYAirline will become a Sarawak-based airline should the share purchase go through, and move its operations to Borneo or remain at its current base at Kuala Lumpur International Airport (KLIA) Terminal 2.
It is also unclear whether the upcoming change of MYAirline's top shareholder had resulted in the departure of its former chief executive officer (CEO) Rayner Teo.
Teo left the airline just two months before it marks its one-year of operations. He holds two per cent shares of MYAirline.
MYAirline officially said Teo departed the airline due to health reasons.
However, Business Times reported on Oct 9 that Rayner was believed to have tendered his resignation following a heated townhall session.
There have also been a number of top management resignations at MYAirline in the past few months including the departure of its chief financial officer and chief commercial officer.
The airline is believed to also face challenges paying its services providers and employees' salaries on time.
MYAirline's interim CEO and chief operating officer Stuart Cross said in a recent statement that the carrier is finalising strategic partnerships as part of its future growth plans.
He said details of the collaboration will be shared in the future without mentioning specific time.
Sources said discussions are underway on the possibility of welcoming a new top shareholder and a new organisational structure of MYAirline, including the CEO.
The carrier, along with many new airlines in Southeast Asia, is facing a challenge to fly to busy airports such as Singapore Changi Airport due to slots constraints.
Should the airline move its base out to Kuching for example, it might get the green light to operate to Singapore, said sources, who added that there are higher chances of slot approval from secondary locations instead of Kuala Lumpur.
"But MYAirline was set up with KLIA as its base. Should it move elsewhere, it would need to relook at many things including its network and fleet," one of the sources told Business Times.