Khazanah appoints administrator for MAS
MAY 26, 2015: Khazanah Nasional Berhad (Khazanah), the sole shareholder of Malaysian Airline System Berhad (MAS), announced the appointment of Dato’ Mohammad Faiz Azmi as Administrator for MAS. The appointment of the Administrator will facilitate the transfer of selected assets and liabilities from MAS to the new company Malaysia Airlines Berhad (MAB), effectively by 1 September 2015. MAS continues to operate throughout the period up to and including 31 August 2015, after which MAB will operate the business of the airline from 1 September 2015 onwards. The appointment is a voluntary undertaking by Khazanah and is made pursuant to the Malaysian Airline System Berhad (Administration) Act 2015 (“MAS Act”), which was passed by both houses of the Malaysian Parliament last year. The MAS Act provides for an effective, efficient and seamless means to transition 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, which was announced on 29 August 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.