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Khazanah appoints PwC chief as MAS administrator

KINIBIZ Khazanah Nasional Bhd has appointed Mohammad Faiz Azmi as administrator for Malaysia Airlines (MAS) as part of the airlines’ transition to a new company Malaysia Airlines Bhd (MAB), according to a media statement today.

Faiz is executive chairperson of consultancy firm PricewaterhouseCoopers (PwC) Malaysia. His appointment is effective immediately. Khazanah is the strategic investment fund of the Malaysian government and is the sole shareholder of MAS.

“The appointment is a voluntary undertaking by Khazanah and is made pursuant to the Malaysian Airline System Berhad (Administration) Act 2015 which was passed by both houses of the Malaysian Parliament last year. The MAS Act provides for an effective, efficient and seamless means to transition the business, property, rights, liabilities and affairs of MAS to MAB,” said Khazanah.

The transition from MAS to MAB is a key component the restructuring of MAS announced in August last year.

This includes a 12-point MAS Recovery Plan (MRP) to set it on a path towards sustainable profitability. The MRP also includes conditional investment funding by Khazanah of up to RM6 billion, disbursed on a staggered basis and subject to the fulfillment of strict conditions.

For the full story go to KINIBIZ .

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