Sunday, May 26

New owner for MYAirline soon?

MYAirline, a low-cost airline, is anticipated to have a new owner soon.

According to a source familiar with the situation, the new owner, a local businessman, plans to invest additional money in the airline, which launched last December.

“We had a town hall with the incoming owner, and now they are fine-tuning the details,” the source who spoke on condition of anonymity told FMT Business.

It was revealed in October of last year that local billionaire Goh Hwan Hua owns 88 percent and 10 percent, respectively, of the private companies Zillion Wealth and Trillion Cove Holdings, which have holdings in the airline.

Rayner Teo, who resigned as CEO earlier due to health issues, owns the remaining two percent of the company.

Teo and the airline’s senior management formerly worked for Tony Fernandes’ low-cost airline, AirAsia.

In the following three years, MYAirline—which has previously referred to its business model as “ultra low cost”—plans to list on Bursa Malaysia.

It began by operating domestic flights, with stops in Langkawi, Kuching, and Kota Kinabalu.

In June, Suvarnabhumi International Airport and Don Mueang International Airport, both in the Thai capital, were added as destinations on its international flights.

It reportedly carried more than a million passengers in the same month.

MYAirline previously stated that it is nearing completion on several strategic alliances “that hold significant promise for the future growth of the airline.”

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