Khazanah to consider turnaround plan for Malaysia Airlines

Malaysia's sovereign wealth fund Khazanah Nasional will make a decision in Q3 on a turnaround plan for the parent company of Malaysia Airlines. Malaysia Aviation Group (MAG) tells FlightGlobal that the plan was submitted in February, and coversits airline units Malaysia Airlines, Firefly, MASwings and MAB Kargo, as well as its its wider, non-airline operations. "The plan will look at diversifying the group’s overall revenue by driving growth in other aviation related portfolios," it adds. The new long-term strategy is a follow-on from its recovery plan, which MAG says fulfilled the original aim of "resetting" Malaysia Airlines. "However, a new comprehensive long-term strategy is needed to ensure a sustainable and dynamic business that is responsive to market needs and changes," it adds. Khazanah took the carrier private in late 2014 after it was rocked by the disappearance of flight MH370 and the shooting down of flight MH17. That kicked off a 12-point, MYR6b ($1.44b) restructuring plan, which envisioned the airline re-listing on the Malaysian stock exchange once it is profitable.<br/>