THE RAKYAT POST : JENTAYU MAKING RM8.5B OFFER FOR MAS, TRUMPS KHAZANAH PLAN KUALA LUMPUR, Dec 14: JENTAYU Danaraksa Sdn Bhd today said it is making a higher offer of RM8.5 billion to rescue Malaysia Airlines (MAS), trumping the 12-point restructuring plan valued at RM6 billion now being undertaken by the ailing national carrier’s major shareholder Khazanah Nasional Bhd. In a statement today, Jentayu Danaraksa said it will announce on Monday afternoon its complementary proposal to help rehabilitate MAS and salvage the estimated 6,000 jobs that could be slashed under the Khazanah plan. “The proposal entails a cash consideration of up to RM8.5 billion with 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 (PMB), via free shares,” said Jentayu Danaraksa. “JD Leasing will undertake to pay up to RM5 billion to acquire MAS aircraft via a ‘sale-and-leaseback’ agreement with the New MAS management subject to terms and conditions to be agreed upon, including types of aircraft, age and residual values. “Additionally, JD Leasing undertakes to refinance the US$1 billion (RM3.49 billion) bond issued by PMB due in 2016. “The New MAS will be offered ‘preferential rates’ should it leases aircraft from JD Leasing compared to the average lease rates in the market.” Without disclosing the source of funding, Jentayu Danaraksa said JD Leasing will remain a Malaysian aircraft leasing company with regional and global businesses. “Under our proposal, a substantial number of MAS jobs slated for removal could potentially be saved.” “We are trying not to let the highly trained people leave the airline. We are concerned about that,” Jentau Danaraksa director Shukor Yusof had reportedly said earlier. The firm, chaired by former MAS managing director Tan Sri Abdul Aziz Abdul Rahman, reiterated that it was serious about the offer for MAS. “Taking all these into account, we believe the government needs to inject significantly less than the RM6 billion it has allocated under the 12-point plan.” Little was known about Jentayu Danaraksa until recently, Its other key top executives include Feriz Omar of Feriz Omar & Partners (Strategists & Advisors), reportedly former special officer to Deputy Prime Minister Tan Sri Muhyiddin Yassin. The firm’s other directors are reportedly Datuk Seri Zakaria Bahari (group chief executive of Radimax Group Sdn Bhd, formerly Realmild (M) Sdn Bhd), Datuk Abdul Rahim Mohd Zin (former director of Senai Airport Terminal Services Sdn Bhd) and Daruis Zainuddin (also director of AIA and American Insurance Group and Sure Reach Sdn Bhd). (therakyatpost/business/2014/12/14/jentayu-making-rm8-5b-offer-mas-trumps-khazanah-plan/)
Posted on: Sun, 14 Dec 2014 16:45:10 +0000
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