MALAYSIA Airlines Bhd (MAS) appears to have a head start on its closest rivals AirAsia Group Bhd, AirAsia X Bhd (AAX) and Malindo Airways Sdn Bhd after closing a restructuring deal that sees it emerging with a stronger balance sheet, having eliminated some RM10 billion in debt.
Last week, the UK court approved the national airline’s plan to restructure more than RM15 billion in liabilities, which effectively removes “decades-long legacy issues in its balance sheet”, its parent Malaysia Aviation Group Bhd (MAG) says. The plan includes a RM3.6 billion lifeline from its sole shareholder Khazanah Nasional Bhd to support the carrier’s new five-year business plan, which envisages MAS returning to profitability from 2022.
KUALA LUMPUR: Stanley Choi Chiu Fai, who emerged as a new substantial shareholder in AirAsia Group Bhd
, is a well-known poker player from Hong Kong.
Choi emerged as a substantial shareholder of AirAsia after he pumped in RM114.46mil to take up the low-cost carrier’s private placement.
Choi, through his private vehicle Positive Bloom Ltd, acquired 167.1 million, or a 4.17% stake, on Feb 18, raising his shareholding in the airline to 332.5 million shares or an 8.96% stake.
Choi is also the co-founding member of Yunfeng Capital, a private capital arm of Alibaba Group’s Jack Ma.
He has also served as a member of the senior management of various listed companies in Hong Kong. He is currently the chairman of Hong Kong-listed International Entertainment Corp.
, which saw the emergence of Stanley Choi Chiu Fai as its new substantial shareholder, fell at midday.
The budget carrier fell 4.21%, or four sen to 91 sen with 70.8 million shares traded on profit taking.
, its low-cost long-haul affiliate fell 10%, or one sen to nine sen with 111.19 million shares done.
Choi, a well-known poker player from Hong Kong, emerged as a substantial shareholder of AirAsia after he pumped in RM114.46mil to take up the low-cost carrier s private placement.
Choi through his private vehicle Positive Bloom Ltd, acquired 167.1 million, or a 4.17% stake, on Feb 18, raising his shareholding in the airline to 332.5 million shares or an 8.96% stake.