The majority shareholder of Malaysia Airlines; Khazanah Nasional Berhad released the details of the MAS Recovery Plan.
At its last Annual General meeting on 25th June, Chairman of MAS, 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 our continued poor performance, was also accelerated by the loss of MH17.
Khazanah made a formal request to the MAS Board of Directors to undertake a Selective Capital Reduction (“SCR”) exercise made on 8th August 2014. The SCR will be put to shareholders’ vote at an Extraordinary General Meeting to be convened in due course.
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.
Representatives of the employees’ unions said, “We are an award winning airline– including having won World’s Best Cabin Crew numerous times. It is our duty and honour to serve and we will continue to do so with pride and care.”
In his foreword to the Recovery Plan, the Prime Minister called on Malaysia Airlines, all those who work with Malaysia’s national carrier 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.