KUALA LUMPUR: Khazanah Nasional Bhd, the sole shareholder of Malaysia Airlines (MAS), has appointed Datuk Mohammad Faiz Azmi as Administrator for the airline, effective today.
The appointment of the administrator will facilitate the transfer of selected assets and liabilities from MAS to the new company, Malaysia Airlines Bhd (MAB), effectively by Sept 1,2015, said Khazanah in a statement.
MAS would continues to operate throughout the period up to and including Aug 31 2015, after which MAB will operate the business of the airline from Sept 1, 2015 onwards, it said.
The appointment is a voluntary undertaking by Khazanah and is made pursuant to the Malaysian Airline System Bhd (Administration) Act 2015 (MAS Act), which was passed by both houses of Parliament last year.
The MAS Act provides for an effective, efficient and seamless means for the transition of the business, property, rights, liabilities and affairs of MAS to MAB.
The transition from MAS to MAB is a key component of the 12-point MAS Recovery Plan (MRP), which was announced on Aug 29, 2014, to restructure the national carrier and set it on a path towards sustainable profitability.
The MRP also includes conditional investment funding by Khazanah of up to RM6 billion, disbursed on a staggered basis and subject to the fulfillment of strict conditions.
– Bernama