Gan acquired 8.42 million shares in the the LEAP Market-listed technology-based company.
Malaysia Aviation Group (MAG) group chief financial officer Boo Hui Yee: Our immediate priority is to stem losses, save cash and sustain the business against the highly 'changeable' uncertainty of the COVID-19 pandemic.
"The impact (of COVID-19) to the market is tremendous. People are not travelling. Businesses not operating as they used to be and the aviation landscape has changed tremendously. MAG is not spared from all of this."
In a Sept 5 letter addressed to Transport Minister Anthony Loke Siew Fook, the Board of Airline Representatives Malaysia (BAR-Malaysia) urged the Government to roll back plans to cut PSC from RM73 to RM50 for passengers flying to destinations beyond Asean at klia2 and all airports in Malaysia except KLIA. The change is expected to come into force next month.
A source said Najah Air had decided to not move forward with its bid for a stake in Malaysia Airlines as the start-up is not confident about striking a deal.
Under the group’s plan, Malaysia Airlines will be a low-cost, full-service carrier while FlyFirefly Sdn Bhd will be transformed into Asean’s first ultra-low-cost carrier focusing on millennials.
The company’s talks with the lender are still at an early stage and there is no guarantee a deal will happen.
"If you go for private financing, the market demands a much bigger return on its investment than the government does. Thus, airport charges necessarily have to be higher."
All affected Firefly passengers will be reallocated onto Malaysia Airlines’ flights.