MYAirline Reportedly Secures New Investor From The Middle East

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It is reported that MYAirline Sdn Bhd, which abruptly ceased all of its operations on 12 October 2023, has successfully secured and finalised a sale and purchase agreement (SPA) with a new investor from the Middle East. However, the investor’s identity remains undisclosed.

According to Bernama, sources familiar with the matter said that the airline can now move forward in resuming its operations by the middle of 2024. “The first action item hopefully is the payment of salaries and refunding passengers,” one source told the local news agency.

With the new investor in place, MYAirline has purportedly applied to the Malaysian Aviation Commission (Mavcom) for a conditional air service licence (ASL). The subsequent steps involve obtaining the Air Operator Certificate (AOC) from the Civil Aviation Authority of Malaysia (CAAM) before securing a complete ASL to resume operations. Mavcom told Bernama that the evaluation process would commence upon the submission of a comprehensive application.

Image: MYAirline

As per the Civil Aviation Directives 6004, which outline requirements for the issuance and renewal of the Air Operator Certificate (AOC), a fleet must consist of a minimum of two aircraft or helicopters for scheduled operations. However, exceptions may apply for non-scheduled operations, allowing a reduction to one aircraft or helicopter. The application for an ASL typically necessitates a minimum of 90 days for processing.

A source also highlighted the urgency for MYAirline to promptly settle its debts to regain operational status. There is uncertainty regarding whether the airline will be operated by an international or domestic entity, noting the requisite 51% Malaysian shareholding for an airline takeover in Malaysia. Despite securing an investor, the timeline for resolving outstanding issues, including salaries for approximately 900 employees and reimbursements for 117,000 passengers, remains unclear.

MAVCOM Special Task Force MYAirline refund
Image: Malaysia Airports, via Facebook

Mavcom reported that as of 8 January 2023, a total of 4,304 affected customers had been assisted with refunds through the chargeback process, while some had initiated the refund process with their respective banks. However, the status of employees who have been with the airline since its inception on 1 December 2022 remains uncertain due to the recent change in shareholders and management, suggesting the potential for significant changes within the organisation.

(Source: Bernama)

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