17 January 2022
The public will get to enjoy a new ultra-low-cost carrier (ULCC) soon, according to a report by The Edge. The new airline has a paid up capital of RM2 million.
It will be an alternative to the budget airline industry, which is dominated by AirAsia.
The new ULCC obtained conditional approval for an air service license (ASL) from the Malaysian Aviation Commission (Mavcom) on 22 December last year.
With the license, MYAirline can fly passenger and cargo services just like Malaysia Airlines Bhd and AirAsia.
MYAirline’s paid-up capital is two million shares at RM1 per share, amounting to RM2 million, according to filings with the Companies Commission of Malaysia (SSM).
Its shareholders are Zillion Wealth Bhd (88%), Trillion Cove Holdings Bhd (10%) and Rayner Teo Kheng Hock (2%).
Citing sources, the report said that the airline venture is financially supported by Datuk Goh Hwan Hua.
Accordingly, his stake in MYAirline to 98%, with SSM listing him as the shareholder of both Zillion Wealth and Trillion Cove.
Goh holds the post of chief executive officer and director of the company, as listed on Trillion Cove’s website.
He comes from the audit and corporate finance industry and is attributed to the setting up of companies in various industries.
His ventures included e-commerce, online business, e-ticketing, fintech, retail and tourism industries.
Helmed By Aviation Industry Veterans
Also listed in the SSM filings are the names of its directors.
Besides Datuk Goh Hwan Hua and Teo, they are Datuk Abd Hamid Mohd Ali, Datuk Seri Azharuddin Abdul Rahman and Jothi Prakash Murugan.
One of its directors, Teo, was formerly with AirAsia as group head of sales and distribution from 2004 to 2020.
Another director, Abd Hamid, served as the chief operating officer of Malaysia Airport Holdings Bhd from 1992 to 2016.
The third director, Jothi, hails from the information technology (IT) industry and is appointed as a director of Trillion Cove.
Meanwhile, Azharuddin was previously the director-general of the Malaysian Civil Aviation Department (DCA).
He also spent a decade as chairman of the Civil Aviation Authority of Malaysia (CAAM), starting from 2008.
One Man’s Meat Is Another Man’s Poison
Accordingly, CGS-CIMB Research reported the entry of a new ULCC on 17 January.
Credible information that a new ULCC is currently in the process of seeking regulatory approval to set up in Malaysia, having signed deals to lease two Airbus A320s at cheap leasing rates.
– CGS-CIMB Research aviation analyst Raymond Yap
Yap opined that the development will pose a challenge to AirAsia, which slipped into Practice Note 17 status last week.
PN17 is a tag given by Bursa Malaysia Securities to financially distressed firms.
In addition to MYAirline, Mavcom granted an ASL to Johor-based SKS Airways Sdn Bhd last month.
SKS Airways is looking to mark its entry with a maiden flight from Subang to Pangkor on 25 January.
- How to protect yourself from airline suspensions and cancelled flights
- Malaysia reviews conditions for granting licences after start-up MYAirline’s woes
- MYAirline’s AOC revoked days after airline suspends operations
- ‘Let down’ by investors
- An important lesson to learn from sudden collaspe of MYAirline
- MYAirline fiasco: Do we have one too many airlines
- AirAsia looks to lease aircrafts used by MyAirline
- MYAirline’s Air Operator Certificate suspended for 90 days
- MYAirline suspended operations; AirAsia offers discount to help passengers and staff
- Guan Eng calls for severe punishment of MYAirline’s management
Source: www.therakyatpost.com
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