After getting into MAS through a swap, BigDogDotcom here raised the question of Air Asia taking strategic equity in Malaysia Airport Berhad (MAB).
BK Siddhu of The Star reported of a Board revamp at MAB with some Air Asia familiar names getting on board. This is strange.
In the case of MAS, a competitor came into MAS. Now this would mean Air Asia that is a slippery debtor that accumulated RM105 million current debt with MAB is going to come on board to advise MAB on cashflow management and how to run an Airport?
The way they structured their presence in MAS was to placed themselves in active role through a newly formed exco or a management committee. They will want an active role somewhere in MAB too.
Can Bigdog's corporate claivoyance turn out true?
Read BK's news report:
Board revamp at MAHB?An ikan bilis swallowing a bigger fish.
By B.K. SIDHU
The Star Friday August 12, 201
Changes said to be coming gradually
PETALING JAYA: A revamp of the boardroom of Malaysia Airports Holdings Bhd (MAHB) is next after the airline industry in Malaysia underwent substantial change with a share swap agreement between Malaysia Airlines (MAS) and AirAsia Bhd.
Sources indicate changes are afoot at MAHB but it would be more gradual than the wholesale changes seen at MAS following the blockbuster deal between Khazanah Nasional Bhd and Tune Air Sdn Bhd.
The idea behind the move to make changes to the board of MAHB is to infuse new blood and realign the interest of the shareholders by bringing people from diverse backgrounds and disciplines.
“It is common to bring in new people. It is a way to help push the industry forward but it would not have impact on management,” said a source.
Talk of changes at the operator of airports in the country comes just days after the MAS board was revamped following the purchase of a 20.5% stake in MAS by AirAsia's founding members.
Both Tan Sri Tony Fernandes and Datuk Kamarudin Meranun now sit on the board of MAS. Following the share swap agreement between the two major domestic airlines, six board members resigned and six new persons, including Fernandes and Kamarudin, were appointed.
Khazanah Nasional is the single largest shareholder in both MAS and MAHB.
Khazanah has declined comment on talk of changes at board level at MAHB. The airline operator, which manages 39 airports including KL International Airport, has 11 board members.
Both MAHB and AirAsia have had public clashes in the past over difference of opinion regarding how operations at airports that are plied by AirAsia should be handled.
As a company, MAHB has been recording positive growth in the past few years. Its share price, once hovering at the RM2 range, had been rising and closed at RM6.18, down one sen, in yesterday's closing.
The company reported a 37% rise in net profit to RM81.9mil or 7.45 sen per share for the second quarter ended June 30, 2011 and revenue was up 25% to RM654mil.
The improvement in MAHB's financials was led by the higher passenger and commercial revenues and a drop in financing expenses.
A competitor that exist to provide competition is on trail to swallow his competitor. A debtor teaching creditor how to do business.
It's a crazy Malaysian corporate scene in the making.
Hmmm ... any PLC available for the RM13 in my wallet? I've got my eye on Rimbunan Hijau.