Jentayu fails to meet Khazanah JENTAYU Danaraksa Sdn Bhd has failed in its bid to meet with Khazanah Nasional Bhd yesterday to discuss its proposed RM8.75 billion plan to revive the ailing Malaysia Airlines (MAS). Its director Shukor Yusof told Business Times the meeting was cancelled at Khazanah’s request but no explanation was given. “They (Khazanah) informed us that the meeting had been cancelled, not postponed. JD (Jentayu) will wait for a reply from Tan Sri Azman Mokhtar (Khazanah’s managing director). We understand he is overseas and we are not sure when he will be back,” he said. In a separate statement, the company said: “We are disappointed as we have not been given the chance to present our proposal.” Khazanah declined to comment on the matter. Jentayu’s recovery plan for MAS, now known as Malaysia Airlines Bhd (MAB), is one of 28 proposals submitted to Khazanah since it announced the privatisation exercise. It is believed that Khazanah’s move to cancel the meeting with Jentayu was due to the latter’s attempt to put pressure on Khazanah to consider its proposal. Jentayu, a three-month-old company led by former MAS managing director Tan Sri Abdul Aziz Abdul Rahman, insisted its proposal complements Khazanah’s 12-point restructuring plan. It had earlier submitted its proposal to Prime Minister Datuk Seri Najib Razak as well as to Azman. Jentayu reportedly uploaded a brief eight-point plan on its official Facebook page on Sunday, a day before holding a press conference to divulge more details on its recovery plan for MAS. It was during the press conference that the company announced its planned meeting with Khazanah, which was supposed to have taken place yesterday. Describing the proposal as one “that can’t be refused by any government”, Jentayu managing director Feriz Omar said the offer of up to US$2.5 billion (RM8.75 billion) to restructure MAS was a two-pronged approach that would not only save the ailing airline but also the government’s allocation for the recovery exercise. He had said the fund would be raised internally and externally but did not divulge more details. The plan comprises an offer to include Khazanah as a partner in JD Leasing, a new aircraft leasing company to be formed after the acquisition of Penerbangan Malaysia Bhd via strategic shares in JD Leasing at no cost. Jentayu also plans to set up a passenger airline to be named Fly JD to serve destinations not offered by MAS for the premium economy segment. This, according to Feriz, would see Fly JD absorbing the 6,000 workers that would be let go under the MAS revival plan. nst.my/node/63188
Posted on: Wed, 17 Dec 2014 05:36:52 +0000
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