Ex-AirAsia chairman eyes Malaysia Airlines turnaround

A group of five businessmen led by a former AirAsia Group chairman Pahamin Abdul Rajab is said to have met up with Malaysia's PM Mahathir Mohamad on 3 July to propose a turnaround plan for Malaysia Airlines through its vehicle Najah Air. Malaysian media reports indicate that the group sought Mohamad's approval to conduct a due diligence on the carrier before being able to present a full turnaround proposal. The process could take between six to nine months, reports The Edge Malaysia. Najah Air's plan is for Malaysia Airlines to remain as a premium full service carrier, while turning turboprop operator Firefly into an "ultra low-cost carrier focusing on millennials." In a separate interview with The Star, Abdul Rajab says the group is looking to acquire a 49% stake in the carrier from Malaysia Airlines parent, sovereign wealth fund Khazanah Nasional. He did not specify if it was Malaysia Airlines alone or its parent Malaysia Aviation Group (MAG). He went on to give the prime minister reassurance that it will not conduct any job cuts, or seek financial support from Khazanah. In return, the group sought management control of the company and zero government interference.<br/>