| Sell off MAS! Posted: 13 Aug 2013 02:06 AM PDT Sell off MAS? I wonder if that's a good idea but Minister at PM's Dept Idris Jala was serious about it. To whom should we sell it and as to how much, would be interesting. The government should get out of the aviation industry by selling Malaysia Airlines, said Minister in the Prime Minister's Department Idris Jala today. Idris, who was once chief executive officer of MAS, however, cautioned against selling the company for too cheap a price.
"We should sell it, but we should not sell it at a loss.. .because public money is involved and it is a public-listed company. There should be no fire sale," he said.
Idris, who is now in charge of the Performance and Delivery Management Unit (Pemandu), said that now is a bad time to sell as MAS shares are hovering at about RM0.30 per share.
He said a better time to sell was when he was CEO of MAS as the share prices had then doubled from about RM3 when he first joined to about RM6 by the time he left.
"Over time, the Malaysian government should get rid of stakes in (industries) where it should not be involved in," he said.
Speaking at the Pemandu-organised Global Malaysia Series, he said that these industries include strategic ones like defence and infrastructure construction or in technologies which require long gestation periods.
Idris was responsible in turning around MAS from its 'series of operational losses'. It was also during his tenure that the national carrier chalked a handsome 3-year profit. However, Idris seemed a bit upbeat about the prospect of selling off MAS although it would certainly be met with strong objections from some government leaders and shareholders. The 'proposal' came when MAS yesterday announced a 50 per cent off on tickets purchased for travel period of August 19, 2013 to May 31, 2014. KUALA LUMPUR: Malaysia Airlines (MAS) is offering promotional fares of up to 50 per cent discounts across its network for travel period of Aug 19, 2013 to May 31, 2014.
In a statement today, MAS said customers were advised to book for the promotional fares from now until Aug 25.
Its Regional Senior Vice President Malaysia, Muzammil Mohamad, said the promotion was an extension of its 40th anniversary giveaways that were rolled out last October.
"Now that Aidilfitri is over, families will be looking forward to planning their year-end school holidays vacation," he said.
MAS said following the re-introduction of its service to Dubai, it will offer promotional fares from RM1,999 for an all-inclusive economy class return travel and RM5,999 for business class. Looking at it, I don't think Prime Minister Najib Tun Razak would agree on the sell-off proposal. Unless the government is 'willing' to accept AirAsia or Malindo Air as its 'national carrier' replacements for MAS.  |
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