Khazanah Nasional committed to ensuring Malaysia Airlines’ sustainability 05 Mar 2021 / 09:30 H. Khazanah has committed to putting in up to RM3.5 billion over the course of five years for the airline’s restructuring plan. – BERNAMAPIX
PETALING JAYA: Khazanah Nasional Bhd will continue to provide support and cooperation to ensure Malaysia Airlines’ sustainability post-pandemic and will focus on supporting the national carrier’s holding company Malaysia Aviation Group Bhd (MAG) with its internal restructuring in 2021.
Khazanah managing director Datuk Shahril Ridza Ridzuan said what it has done with the airline’s restructuring plan is to essentially negotiate well with its stakeholders.
“Khazanah has committed to putting in up to RM3.5 billion over the course of five years for the restructuring plan. We accept that Malaysia Airlines is strategic to the country especially at this time when other airlines are not flying. We still need a national airline to connect
KUALA LUMPUR (March 4): Khazanah Nasional Bhd, the sole shareholder of Malaysia Airlines Bhd (MAS), will continue to provide full support and close cooperation with the national carrier's efforts to ensure its sustainability after the Covid-19 pandemic. Khazanah managing director Datuk Shahril Ridza Ridzuan said the sovereign fund will be working closely with the government and stakeholders on restarting air travel and promoting the industry.
KUALA LUMPUR (March 4): Khazanah Nasional Bhd is on the lookout for potential new strategic investments in Malaysia, in line with the call from the government to seek more contributions from government-linked companies (GLCs) and government-linked investment companies (GLICs) to grow the economy, particularly in the current climate. “The government is very keen to see how long-term investors like Khazanah can do their part to help spur investments in the sectors, bring about new industries and new entrants to come in, and maybe even partner with the private sector to do this,” said Khazanah managing director Datuk Shahril Ridza Ridzuan at the fund’s annual review today. “The government is very keen to see how long-term investors like Khazanah can do their part to help spur investments in the sectors, bring about new industries and new entrants to come in, and maybe even partner with the private sector to do this,” said Khazanah managing director Datuk Shahril Ridza Ridzuan a
Khazanah’s profit from operations stood at RM7.4bil in 2019.
In 2020, Khazanah’s dividend income from investee companies rose to RM5.2bil from RM3.8bil but was offset by lower divestment gains of RM2.7bil compared to RM9.9bil in 2019.
The sovereign wealth fund said the impact of the Covid-19 pandemic led to higher impairments of RM6bil, particularly in aviation and hospitality assets, compared to RM4.9bil in the previous year.
Its financial position remained strong with debt reduced by 6% to RM43.1bil from RM45.8bil in 2019, while realisable asset value cover fell slightly to 2.9 times from 3.0 times.
In a statement Thursday, managing director Datuk Shahril Ridza Ridzuan said 2021 will continue to be a challenging year.
Khazanah Nasional Bhd managing director Datuk Shahril Ridza Ridzuan: On the (dividend) request from the government, whether you consider it as a higher dividend for 2020, to help support the government during this time, I think it is a valid request and due to the higher budget approved for 2020. KUALA LUMPUR: It is a valid request for the government to ask for a higher dividend for 2020 due to the extraordinary financial pressure faced last year, said Khazanah Nasional Bhd managing director Datuk Shahril Ridza Ridzuan.
According to the Khazanah Annual Review 2021 released today, the sovereign wealth fund declared a dividend of RM2.0 billion for 2020 to the government, double the RM1.0 billion dividend declared for 2019.