KUALA LUMPUR: There will be no disruption to Malaysia Airlines' (MAS) current service with the RM6 billion recovery plan unveiled today.
In a statement, the national carrier said it will continue to fly, honour existing reservations and plan future travel.
It said the annoucement made on August 8 to de-list MAS and today's recovery plan would have no impact on the current fares offered to customers and corporate accounts nor its membership in the oneworld alliance.
The publication of the Recovery Plan follows the formal request by Khazanah Nasional Bhd to the MAS' Board of Directors to undertake a Selective Capital Reduction (SCR) exercise made on Aug 8, 2014.
The SCR will be put to shareholders’ vote at an Extraordinary General
Meeting to be convened in due course.
In his foreword message on the Recovery Plan, the Prime Minister Datuk Seri Najib Razak called on MAS, its staff and all Malaysians to play their part in ensuring today’s plan becomes an enduring success.
"We look forward to playing our role and being a part of this effort to
ensure that Malaysia Airlines becomes a profitable and sustainable national carrier of which all Malaysians can be truly proud," Najib said.
In parallel, MAS’ senior leaders have been engaging with almost 2,500 staff at multiple locations across the Group, to hear their views and concerns resulting from plans to take the company private and restructure.
"We, together with representatives of the employees’ unions, met with
Khazanah this morning. We will continue this process of engagement with all parties including directly with employees and with representatives of the employees’ unions," MAS said.
Meanwhile, the Board of MAS today welcomed the release by Khazanah, its majority shareholder, of the "Rebuilding a National Icon: The MAS Recovery Plan” –- a plan to facilitate the airline’s achievement of sustained profitability and competitiveness.
It also acknowledged receipt of a letter from Khazanah relating to Khazanah’s planned investment in MAS to facilitate its delisting from the Main
Market of Bursa Malaysia and restructuring.
At its last Annual General meeting on June 25, 2014, MAS Chairman Tan Sri Md Nor Yusof, and Managing Director and Group Chief Executive Officer, Ahmad Jauhari Yahya, made clear that even before the disappearance of MH370, radical change was already firmly on the Board’s agenda.
The urgency for change, evident through continued poor performance, was also accelerated by the loss of MH17, MAS said. - Bernama