Transition of MAS to MAB extended
Published on: Thursday, May 26, 2016
Kuala Lumpur: The Administrator of Malaysian Airline System Bhd (MAS) has received approval from its stakeholders to extend the current moratorium over the transition of MAS to Malaysia Airlines Bhd (MAB) for a further 12 months until May 24, 2017 to enable the remaining tasks to be completed.The Malaysian Airline System Bhd (Administration) Act 2015 (MAS Act) provides for the establishment of a new entity, Malaysia Airlines Bhd (MAB), with a new business model to replace MAS as the national carrier, as well as for an effective, efficient and seamless means to transition the business, property, rights, liabilities and affairs of MAS to MAB.In a statement Wednesday, Administrator Datuk Mohammad Faiz Azmi said as the discussions on the transition are complex, involving laws and tax implications across various jurisdictions, the stakeholders have approved the extension of the current moratorium.
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"Because of these reasons and to achieve the best possible outcomes, we have sought and received approval for an extension of the current moratorium," he said.Meanwhile, Mohammad Faiz, who was appointed as the Administrator on May 25, 2015, said after a year of administration, selected assets and liabilities critical to MAB's airline operations have been transferred from MAS to MAB. Stay up-to-date by following Daily Express’s Telegram channel.
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