This is going to be short and simple, a much more simpler from what I wrote in regards to Lynas issue.
I know that many people do love and hate Mr QPR. One can admire for his success stories for Air Asia and acquiring one of English Premier League team. One also can very much hate for his how he got his Air Asia running (be it to air traffic controllers, passengers and customers), and also how he got into Malaysia Airlines.
Speaking of which, it has been months since he gained some shares in MAS. Although he is not the majority shareholder of the national’s airlines, he was brought in to help and steer MAS. Remember this storyline?
Tuesday, August 9th, 2011 21:07:00
KUALA LUMPUR: Malaysian Airline System Bhd (MAS) has appointed Tan Sri Tony Fernandes and Datuk Kamarudin Meranun as non-independent non-executive directors effective Aug 11, 2011.
Fernandes is the founder/group executive officer of AirAsia Bhd while Kamarudin is the co-founder of Tune Group and deputy group chief executive director of AirAsia since December 2001.
In a statement today, MAS also announced the appointment of Tan Sri Wan Azmi Wan Hamzah, Tan Sri Tan Boon Seng @ Krishnan, Datuk Rohana Rozhan and David Lau Nai Pek as independent non-executive directors of the company.
Mohammed Rashdan Mohd Yusof was also re-designated as executive director of the company, being seconded from Khazanah Nasional Bhd.
These appointments will be effective Aug 9, it said.
Wan Azmi is an active investor, whose family has significant interest in E&O Bhd, Pure Circle Ltd, Steppe Cement Ltd and other gold and mining exploration companies.
Tan is currently executive deputy chairman of IJM Corp Bhd.
Rohana is the chief executive officer (CEO) of Astro Malaysia Holdings Sdn Bhd.
Lau is a director of Axiata Bhd, Celcom Axiata Bhd and Shell Refining Company (Federation of Malaya) Bhd.
Meanwhile, MAS said Datuk N. Sadasivan N.N. Pillay, Keong Choon Keat, Datuk Seri Panglima Mohd Annuar Zaini, Datuk Amar Mohamad Morshidi Abdul Ghani, Datuk Sukarti Wakiman and Martin Gilbert Barrow resigned as independent non-executive directors of the company effective Aug 7 and 8, 2011.
It also announced the resignation of managing director (MD), Tengku Datuk Seri Azmil Zahruddin Raja Abdul Aziz, effective today.
Azmil will join Khazanah as executive director, investments, effective Sept 12, 2011, MAS said.
MAS chairman, Tan Sri Md Nor Yusof, said Azmil has made a significant contribution in the company’s transformation during his tenure as both CEO and chief financial officer.
“I would like to record my thanks to Azmil for his contributions and services to the company for the last seven years, initially as a non-executive director, later on as an executive director/chief financial officer and finally as MD/CEO.
“This is a passing of the baton to our new directors, all of whom are immensely qualified and will bring a diverse set of management experience to our board,” he said.
The board also announced the establishment of an executive committee (exco) to be chaired by Md Nor.
The exco will comprise Datuk Mohamed Azman Yahya, Mohammed Rashdan, Tony Fernandes and Kamarudin Meranun, it said.
It will oversee the management of the company until such time a new managing director is appointed, it said.
Earlier, MAS, AirAsia Bhd and Airasia X Sdn Bhd entered into a comprehensive collaboration framework (CFF) to leverage on their respective core strengths.
The framework will include a collaboration agreement to explore opportunities to co-operate on a broad range of areas.
Group Chief Executive CIMB Group Datuk Seri Nazir Razak said to strengthen the collaboration and to establish a mutuality of interest, MAS and AirAsia would issue free warrants to each other’s shareholders.
CIMB Group is the arranger for the deal.
Independent advisers would be appointed to advise minority shareholders on the proposed warrants, he said in his presentation on the deal here today.
Nazir also said Tune Air Sdn Bhd and Khazanah Nasional Bhd, the major shareholders of AirAsia and MAS, respectively, have agreed to acquire from each others existing shares.
As a result, Tune Air would hold 20.5 per cent shares in MAS and Khazanah would hold 10 per cent shares in AirAsia, he said, adding that Khazanah would continue to be the single largest and major shareholder of MAS.
“The agreement will come into effect immediately upon its execution and shall remain in effect for five years from the date of the collaboration agreement, with an option for a further five-year renewal,” he added.
Nazir also said a joint collaboration committee has been formed to implement a collaboration agreement, which was part of the framework.
It will be chaired by MAS board member Datuk Mohamed Azman Yahya with other members including MAS Executive Director Mohammed Rashdan Mohd Yusof, AirAsia group chief executive officer Fernandes and its deputy group chief executive officer Datuk Kamarudin Meranun.
An advisory panel, chaired by Tun Abdullah Ahmad Badawi, has also been established to ensure all parties involved in the framework operate in the interest of the public and reflect the aspiration of all consumers.
The framework will also see the appointment of Mohamed Azman and Mohammed Rashdan as non-independent non-executive directors in AirAsia and alternate directors, respectively, effective Aug 11.
At the same time, Tony and Kamarudin will be appointed as non independent non executive directors of MAS, effective the same date.
Asked on the kind of synergy that would arise from the deal, Nazir said it was too early to tell.
On the price of the share swap, Nazir said it was determined based on the price on Aug 5.
Meanwhile, Fernandes said that there will be no scaleback in the company’s future plans to expand its fleet and air destinations despite the Comprehensive Collaboration Framework signed.
Entering into the framework will not change AirAsia’s identity as it is aimed at focusing on the core competency of each airline company, he told reporters after the signing ceremony.
He added that the framework was also timely for the company in light of the growing competition in the aviation industry across the globe.
“By reaping the benefits from this framework, we can also compete with big players in the aviation world especially those coming from the Middle East,” he said.
Commenting on the issue of possible monopolisation due to the framework, Fernandes said this will not happen as the focus was more on putting energy into a positive direction in terms of providing benefits to the industry such as promoting tourism and job opportunities.
It has been few months running. So, what changes have been made to MAS since he has joined?
So, Mr Tony Fernandes or any of his affiliates, associates and friends, can you guys answer these questions?