A group of five businessmen led by a former AirAsia Group chairman Pahamin Abdul Rajab proposed a turnaround plan for Malaysia Airlines to the Malaysia’s prime minister Mahathir Mohamad on 3 July, 2019.
The proposed a turnaround plan through its vehicle Najah Air which will take 49 per cent stake in the airline.
Despite many turnarounds including appointing foreign CEOs, the national carrier has failed to be profitable and now needs more money to be sustainable.
In March, the Malaysian government made clear that it cannot fund the airline and is considering either shutting it down or selling a stake to an investor.
The group said they will need to carryout a three-month due diligence before unveiling its full turnaround plan for the airline.
“We have assured the Prime Minister that we will not sack anybody at Malaysia Airlines. We will also not ask for financial support from Khazanah or the government. We will ask to have the rights to manage without interference from the government,” said Pahamin Ab Rajab
“The airline will have the same national branding and will not change its name,” he added.