LETTER | Malaysian Airlines will remain the biggest corporate blunder after 1MDB.
| Analysts and politician cannot just argue to shut down or sell off our Malaysia Airlines based on accumulated loss of RM2.5 billion without acknowledging the flawed execution of its turnaround plan. Post- restructure, we still refer our national carrier as MAS instead of MAB showcasing our deep love for our Malaysia Airlines.
MAB inherited a 30 percent stake in Brahim’s Sats Food Services Sdn Bhd from MAS. The remaining 70 percent is held by Brahim’s Sats Investment Holdings Sdn Bhd, a subsidiary of the Brahim’s Holdings Bhd. Before restructuring, Brahim’s Holdings Bhd held a 25-year concession to handle in-flight catering ending in 2028. Brahim’s Holdings Bhd negotiated with Khazanah to honour the concession after the Malaysian Airlines restructure.
Malaysia Airlines has a market share of 20.6 percent for international traffic, a 32.3 percent share of domestic traffic at KLIA/KLIA2 and an estimated 35 percent of total traffic at other airports in Malaysia. AirAsia has not eaten into Malaysia Airlines market share but has made airline travel cheaper for lower-income Malaysians. AirAsia effectively brought more new travellers with only a mall number transitioning from Malaysian Airlines to AirAsia.
Malaysia Airlines remains one of the favourite choices for travellers from Australian, New Zealand, South Asia and Western Europe. While the MH370 and MH17 incidents have dented Malaysia Airlines’ image, reducing flights was a knee-jerk reaction at best. Such perceptions have evaporated and Malaysia Airlines should expand its international network again. I agree with former Malaysia Airlines CEO Abdul Aziz Rahman that Malaysian Airlines has lost its purpose.
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