Chamber: AirAsia-MAS share swap deal not the best option

KUALA LUMPUR - The Malay Chamber of Commerce of Malaysia (DPMM) feels that the recent share swap deal between national carrier Malaysian Airlines (MAS) and budget airlines AirAsia was done hastily and without proper consultation of all parties affected.

Its president Syed Ali Al-Attas said instead of a share swap, a change in the top management of MAS would have done the trick in bringing the national carrier back to its glory days.

"We cannot understand the nature of this share swap and the manner it was done. It was such a rush thing. Why was this done so fast?" he said in a specially arranged press conference to talk about the matter at the DPMM headquarters yesterday.

DPMM represents 61 non-governmental organisations and half a million Bumiputera businessmen.

Syed Ali said the selling and swapping of shares is not the best way to resolve the matter, especially when it involves a national pride such as MAS.

The share swap between the two carriers saw Tune Air Sdn Bhd, the major shareholder of Air Asia having a 20.5 stake in the national carrier and Khazanah Nasional, the major shareholder of MAS, holding 10 per cent in the low-cost carrier.

Although the deal between the two carriers is complete, Syed Ali hopes that the ministries of finance and transport will come up with statements educating the public on the deal.

"We have contradicting statements coming from the English press and the Malay press and we do not know which is which," he added.

- Business Times