MYAirline, a new ultra-low-cost carrier, set to enter the Malaysian market
According to The Edge, the public will soon be able to experience a new ultra-low-cost carrier (ULCC).
It will be a competitor to AirAsia, which now dominates the budget airline market.
The Malaysian Aviation Commission (Mavcom) granted the new ULCC conditional permission for an air service license (ASL) on December 22 of last year.
MYAirline, like Malaysia Airlines Bhd and AirAsia, now can operate the passenger and cargo flights.
According to documents with the Malaysian Companies Commission, MYAirline has a paid-up capital of RM2 million, which is divided into two million shares at RM1 each (SSM).
Zillion Wealth Bhd owns 88 percent of the company, Trillion Cove Holdings Bhd owns 10%, and Rayner Teo Kheng Hock owns 2%. (2 percent ).
According to the article, Datuk Goh Hwan Hua is financially supporting the aviation venture.
As a result, he now owns 98 percent of MYAirline, and SSM lists him as a stakeholder of both Zillion Wealth and Trillion Cove.
According to Trillion Cove's website, Goh is the company's chief executive officer and director.
He has experience in auditing and corporate finance, and is credited with the formation of businesses in a variety of sectors.
E-commerce, internet business, e-ticketing, finance, retail, and tourism were among his enterprises.
Veterans from the aviation industry are in charge.
The identities of its directors are also mentioned in the SSM filings.
They include Datuk Abd Hamid Mohd Ali, Datuk Seri Azharuddin Abdul Rahman, and Jothi Prakash Murugan, in addition to Datuk Goh Hwan Hua and Teo.
Teo, one of its directors, was formerly the global head of sales and distribution at AirAsia from 2004 until 2020.
From 1992 until 2016, another director, Abd Hamid, was the chief operating officer of Malaysia Airport Holdings Bhd.
Jothi, the third director, is from the information technology (IT) business and has been nominated to the Trillion Cove board of directors.
Meanwhile, Azharuddin previously served as the Director-General of Malaysia's Civil Aviation Department (DCA).
He also served as head of the Malaysian Civil Aviation Authority (CAAM) for a decade, beginning in 2008.
Another person's meat is another person's poison.
As a result, on January 17th, CGS-CIMB Research announced the introduction of a new ULCC.
According to reliable sources, a new ULCC is in the process of obtaining regulatory license to operate in Malaysia after signing arrangements to lease two Airbus A320s at low lease rates.
Raymond Yap, a CGS-CIMB Research aviation analyst
AirAsia, which was demoted to Practice Note 17 status last week, would face a battle, according to Yap.
Bursa Malaysia Securities assigns the code PN17 to financially challenged companies.
Mavcom also awarded an ASL to SKS Airways Sdn Bhd of Johor last month, in addition to MYAirline.
SKS Airways plans to make its debut on January 25 with a flight from Subang to Pangkor.