PETALING JAYA: Transport minister Loke Siew Fook has met with parties looking to invest in troubled low-cost carrier MYAirline.
He said the potential backers consist of a partnership between Middle East investors and a local company.
However, Loke said it was premature for the ministry to reveal more details.
“They just came to see us and state their decision to invest in the company, and I said that is (up to you). As long as you comply with our laws, there’s no problem,” he told reporters after a special send off for Batik Air’s Sibu route at klia2.
“I made it very clear to them that as far as our policies are concerned, 51% (of the airline) must be owned by a local company.”
Loke said the potential investors asked for advice from the ministry on “the way forward” for MYAirline, which abruptly suspended operations on Oct 12 last year after citing “severe financial challenges” 11 months after it took to the skies.
He told the potential investors that they should look beyond domestic flights and how the airline could position itself to make it “more attractive”.
However, he stressed that any commercial decision the investors make would be entirely up to them.
“As far as the government is concerned, they have to comply with all of our processes and regulations,” he said.
Apart from the requirement for 51% local equity, Loke said the airline would also need to have two licences – an air operator certificate (AOC) and an air service licence (ASL).
The AOC and ASL are issued by the Civil Aviation Authority of Malaysia (CAAM) and the Malaysian Aviation Commission (Mavcom), respectively.
Last month, Loke stressed that any investor looking to revive MYAirline must make sure all passengers had been given refunds and that monies owed to the staff had been paid.
“If they can fulfil these two conditions, then we can start to talk.” - FMT
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