MYAirline Sdn Bhd reportedly underwent acquisition by a Middle Eastern investor in late December 2023, formalized through a signed sales and purchase agreement.

As per a Bernama report, an undisclosed source expressed optimism that MYAirline, with its newly acquired investor, aims to recommence operations by the middle of the current year. The initial priority is anticipated to be the disbursement of salaries and refunds to affected passengers, the source disclosed.

With the alleged new investor in place, MYAirline is said to have submitted applications to the Malaysian Aviation Commission (Mavcom) for a conditional Air Services License (ASL) and subsequently an Air Operator’s Certificate (AOC) from the Civil Aviation Authority of Malaysia (CAAM). A full ASL for operational purposes would follow these processes. Mavcom, however, clarified that the evaluation process would commence only upon receiving a comprehensive submission.

Before these regulatory steps unfold, addressing outstanding debts is deemed crucial. The source emphasized the necessity of settling debts promptly to pave the way for resuming operations.

When queried about the prospective operator of the airline, whether it would be an international or local entity, the source clarified that the acquisition of an airline in Malaysia necessitates ownership of 51% of Malaysian shares.

Despite the acquisition of an investor, uncertainties persist regarding the timeline for settling salary payments for approximately 900 staff members and providing refunds to 117,000 affected passengers.