Wednesday, August 14, 2013

MAS should be sold but not at a loss, says Idris Jala

AUGUST 13, 2013
Fernandes (left) and Idris sharing a light moment at the event. The Malaysian Insider pic by Najjua Zulkefli. August 13, 2013.Fernandes (left) and Idris sharing a light moment at the event. The Malaysian Insider pic by Najjua Zulkefli. August 13, 2013.Putrajaya should consider selling flag carrier Malaysian Airlines System Bhd (MAS) but not at a loss, its former boss Datuk Seri Idris Jala (pic) said today.

The Minister in the Prime Minister's Department said MAS was trading at RM6.00 when he was at the helm but currently the share price of the compay has tanked to 30 sen.

The government's state asset manager Khazanah Nasional Bhd is the majority owner of MAS, which has posted losses for its last six quarterly results.

Idris  was speaking at the Global Malaysia Series at the Securities Commission today. AirAsia group chief executive Tan Sri Tony Fernandes was also a speaker at the event.

The government should minimise its participation in business and should play the role of a facilitator to businesses rather than have direct involvement, said Fernandes.

He said Malaysian companies should be bold in going global and that AirAsia woud have been “gobbled up” by competitors if it remained inward looking and had not expanded beyond Malaysian shores.

“Malaysian companies should challenge the norm, remove structures that inhibit innovation and have a relentless quest for  excellence,” added Fernandes.

Idris said that the government should limit its involvement in businesses only in certain sectors.
He cited that certain national strategic importance ventures such as defence related businesses, infrastructure projects and technological projects that required long gestation periods as businesses  where government involvement was crucial.
During the question and answer session, Idris was asked by Tan Sri AK Nathan of Eversendai Bhd about the decline of the standard of education in Malaysia. He responded by saying that Pemandu had sought the increase of the level of Malaysian school children who attended pre-school as one of the measures to increase the quality of education.
According to Idris,90% of Malaysian school children attended preschool as compared to 60% previously. - August 13, 2013

~ The Malaysian Insider

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