MAS and AirAsia Shares Swap

[Cire 0]

AirAsia need to be given some free hand to manage MAS. Its natural to have some resentments from the existing management team in MAS but they have to be open now to accept new challenges in a more business-like environment. You need to be constantly thinking about business. Not on what the steward/stewardess should be wearing as all these are just window-dressing to a bigger issue at hand - loosing business.

Unfortunately, Malaysia's GLCs are pretty good at window dressing. Nice big buildings that houses tens of staffs that practically do nothing much more than paper pushing.

 

For the MAS management, if you can't stand the heat, get out then....

[BC Tam 2]

Anyone noticed the term 'rationalisation' is being recycled yet again ?

The last 'rationalisation' exercise, well within living memory (remember the trunk and non-trunk routes fiasco ?) didn't work out too rational did it ? Not for us mere mortals nor the nation's coffers for sure

And you know what ? Essentially the same characters involved then are again today tasked with another go at 'rationalisation'

Now, if anyone can manage to find a fibre of rational logic in that .......

 

Be that as it may, I'm wondering if our minister for transport has had any input at all on this issue ? Well, civil aviation is a mode of transport after all

Perhaps he is too busy issuing yet another deadline for con-trektor to finish up BKI's way way delayed upgrade, or trying to convince the red one to move over to the now completed semi-white elephant called T1@BKI

 

 

 

For the MAS management, if you can't stand the heat, get out then....

Unfortunately, that bears some hint of similar advice dished out to 'pendatangs' .....

Edited August 9, 2011 by BC Tam

[flee 5]

Stage set for biggest aviation corporate move

 

KUALA LUMPUR: The stage is set for the biggest aviation corporate move in the country - which will see national carrier Malaysian Airline System Bhd (MAS) and low-cost carrier AirAsia Bhd announcing a share-swap deal.

 

An announcement from both parties is expected to be made today.

 

According to sources, Khazanah Nasional Bhd, the single-largest shareholder of the national carrier, may own a 10 per cent stake in AirAsia.

 

At the same time, Tune Air Sdn Bhd, which owns 26 per cent in AirAsia, will own a 20 per cent stake in MAS.

 

Latest speculation is that AirAsia is pushing for management control of MAS.

 

In a AFP report yesterday, citing sources, it said that AirAsia is arguing in ongoing talks that obtaining management control is "the key" in the deal. The report added that the size of the stake could be up to 30 per cent.

 

The deal is expected to improve synergies between MAS and AirAsia as both airlines have been competing unnecessarily in the past.

 

"It is a long-awaited marriage for the companies," said a source when contacted.

 

Meanwhile, analysts said MAS is expected to benefit more from the deal in the near term.

 

HwangDBS Vickers Research said, with the share swap deal, both airlines may no longer be competing directly with each other, but instead, leverage on each others' strength and capability.

 

It also said both parties are likely to enjoy better purchasing power as a combined entity.

 

"We think more importantly, the deal could help reposition and turnaround Malaysia Airlines as a premier long-haul carrier," said HwangDBS Vickers in its research note.

 

The shares of both airlines were suspended from trading yesterday for two days pending an announcement to be made by the companies.

 

At Friday's closing, AirAsia's share stood at RM3.95 while Malaysia Airlines was at RM1.60.

 

The research house added that the partnership would see both airlines expanding their fleet size to an estimated 228 aircraft, the largest in the region.

 

Meanwhile, ECM Libra in its research report said the partnership would allow the low-cost carrier to continue what it does best with less predatory competition, while MAS can concentrate on serving the premium segment with better revenue yield.

 

It also said that there are opportunities for cost savings as both airlines would be able to bargain better for future aircraft purchases, as well as minimise duplication of resources such as in the maintenance, repair and overhaul area.

 

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/airamas/Article/index_html

Edited August 9, 2011 by flee

[flee 5]

Rivals MAS and AirAsia to become allies

 

PETALING JAYA: National carrier Malaysia Airlines and low-cost carrier AirAsia Bhd's major shareholders Khazanah Nasional Bhd and Tune Air Sdn Bhd will today announce a landmark share swap deal worth just over RM2bil which will turn the long-time bitter rivals into collaborating partners.

 

According to sources, under the share swap deal, Khazanah will acquire a 10% stake in AirAsia from Tune Air, a private vehicle controlled by Tan Sri Tony Fernandes and Datuk Kamarudin Meranun.

 

As at July 6, 2011, Tune Air owned a 26% stake in AirAsia. Sources also said Khazanah was in talks to acquire a 10% stake in long haul low cost carrier AirAsia X but this would be announced at a later date.

 

As part of the agreement, a source said MAS would issue new shares to Tune Air which would end up with a 20% stake in the national carrier. Khazanah, which has a controlling stake of 69% in MAS, will continue to remain the single largest shareholder in the national airline after the exercise.

 

The source added that MAS, which was in dire need for fresh capital, would also make a rights issue very soon.

 

The valuation of the swap will be based on the recent share price of both companies as the exercise involves non-controlling stakes. Trading in both counters are suspended until today for two days pending a material announcement. MAS and AirAsia were last traded at RM1.60 and RM3.95 respectively.

 

“There is really little that's innovative about all of this. The reality is that if you look at the big players in the industry, they have a low cost arm and a premium arm. If anything, MAS is just playing catch up only now,” said an observer.

 

A special executive committee comprising three to five members including MAS newly-appointed chairman Tan Sri Md Nor Yusof and director Mohammed Rashdan Yusof as well as Tony and/or Kamarudin will be set up to run the daily operations of the carrier in the interim while the search for a new chief executive officer will commence soon.

 

The source said MAS CEO Tengku Datuk Azmil Zahruddin would step down from his post to make way for these changes while Rashdan, who is Khazanah's executive director of investments, would likely play a more active role in the airline until a CEO is identified.

 

“The exco will be a subset of the board, which will take over the running and management of the airline in the interim. The main decision maker at the airline will be Md Nor,” said the source.

 

CIMB Investment Bank Bhd has been appointed advisor for the share swap deal representing both parties.

 

“If you stand back and look at this deal, you can see the value it will bring to a full-service carrier (FSC) like MAS. The trend among FSCs is that they are gradually deriving a bulk of their revenue less from the airline operations and more from ancillary services such as maintenance, repair, operations (MRO) services and so forth. These services are huge profit centres. Currently, AirAsia outsources these services. With this partnership, MAS can be the outsourcing agent,” said an analyst.

 

“This way, MAS which has a staff strength of 20,000 can use its people more productively. There won't be a need to lay off staff as both airlines will be run separately,” said the source.

 

The deal's defendants say this deal marks a “great opportunity to create Malaysia as an airline hub”. “The whole idea is not for Tony to run MAS. It is to realign both airlines' interests to allow them to grow with a more clear business model MAS in premium segment and AirAsia in budget segment as opposed to being in each other's way,” said an analyst.

 

A source said this deal “has been cooking for so long but in the absence of a structure that could work and concerns over a clash of cultures, it had failed to take off.”

 

Source:

http://biz.thestar.com.my/news/story.asp?file=/2011/8/9/business/9260731&sec=business

[BC Tam 2]

“The whole idea is not for Tony to run MAS. It is to realign both airlines' interests to allow them to grow with a more clear business model MAS in premium segment and AirAsia in budget segment as opposed to being in each other's way,” said an analyst.

That is reassuring

All the same, spare a thought for Dato Eddie Leong

[Cheng Long 0]

Anyone noticed the term 'rationalisation' is being recycled yet again ?

The last 'rationalisation' exercise, well within living memory (remember the trunk and non-trunk routes fiasco ?) didn't work out too rational did it ? Not for us mere mortals nor the nation's coffers for sure

And you know what ? Essentially the same characters involved then are again today tasked with another go at 'rationalisation'

Now, if anyone can manage to find a fibre of rational logic in that .......

 

'Rationalisation' means less choice or no choice at all, means high air fare, poorer service due to lack of competition and a big step into the backward direction.

 

But guess it will be somewhat rationale to those few and their cronies in the airlines as they can make plenty of money. Consumers lose out in this deal. Sad this country is run by crooks and cronies. This deal will have lasting implications.

[Mohd Azizul Ramli 2]

The source said MAS CEO Tengku Datuk Azmil Zahruddin would step down from his post to make way for these changes while Rashdan, who is Khazanah's executive director of investments, would likely play a more active role in the airline until a CEO is identified.

 

“The exco will be a subset of the board, which will take over the running and management of the airline in the interim. The main decision maker at the airline will be Md Nor,” said the source.

So the new Chairman is holding an executive post.

[Mohd Suhaimi Fariz 2]

“The whole idea is not for Tony to run MAS. It is to realign both airlines' interests to allow them to grow with a more clear business model MAS in premium segment and AirAsia in budget segment as opposed to being in each other's way,” said an analyst.

 

MH is in the process of doing exactly that at the moment! That's why Firefly's flying jets and taking over some Domestic destinations from MH. That's why they're upgrading their premium class check in counters in KLIA. That's why their having the Branded Customer Experience Program.

 

So why do they need to do this? The more I read about this, the more I'm getting skeptical of the true intentions of this exercise!

Edited August 9, 2011 by Mohd Suhaimi Fariz

[KK Lee 5]

So the new Chairman is holding an executive post.

 

Sound familiar

[jit 0]

MH to benefit more from the deal?? Really I can't see what MH can benefit from except some management expertise..

even then that may not be completely correct.

 

All I see is AK/TF getting all the benefits from this..

 

control over route network.. taking over of highly lucrative routes...eg SYD

 

effectively killing off the competition (FY)

 

ability to transfer the many airbuses he ordered..

 

access to MH's MRO business.. (AK's MRO business is almost non existent)

 

monopoly over Malaysia's aviation sector.

 

All without a single sen from his pocket...

[KK Lee 5]

After the share swap, Khazanah will become a major AK shareholder for cheap and remain the largest MH shareholder.

 

Given track record and Khazanah holding at MH, the gomen meddling in MH is unlikely to be reduced, hence, the new management may not have a free hand to rationalize or transform MH. Similarly, AK management decision may be influenced by gomen indirectly via Khazanah. To protect Khazanah holding at MH, AK ticket price will be increased. Believe AK shifting of operation, administration and regional HQ to Jakarta may be slowed or even reversed.

 

Whether one like it or not, this share swap exercise is gomen intervention in business at the highest degree. Believe the winner of this exercise is Khazanah and gomen, not sure TF was a keen and voluntary party to this deal.

 

[leon t 0]

the main thing now for ak pax is that its fares will not be cheap and will see it increasing more - as now ak effectively killed off any competition from MH and FY - and even D7 will see its fares going up - as now TF have some say in MH ops n management n will see MH maintaining its current flights or reducing them on same routes as D7/ak.

[flee 5]

The way I see it Khazanah is thinking more about the long term. They realised that AirAsia Group will be able to tap on to resources overseas, seeing that Tony Fernandes is able to cobble together many joint ventures with foreign partners as he is not hung up on the need to have more than 50% share of any JV.

 

MAS may not be able to have sufficient resources to compete with them. That is why they think competition between MAS and AirAsia is a "waste". They also realise that MAS is not going to be able to compete due to govt. interference and lack of clarity on a national aviation policy. AirAsia and its partners will be too overwhelming a competitor.

 

By doing this, Khazanah will be able to limit its cash layout for MAS and at the same time exercise some influence over AirAsia. With both airlines being a GLC now, they can steer them in the "right" direction. Reports also state that Khazanah will also want to take a stake in AirAsia X in future.

 

Analysts say MAS stands to benefit more than AirAsia - more here: http://biz.thestar.com.my/news/story.asp?file=/2011/8/9/business/9259865&sec=business

 

After the share swap, Khazanah will become a major AK shareholder for cheap and remain the largest MH shareholder.

 

Given track record and Khazanah holding at MH, the gomen meddling in MH is unlikely to be reduced, hence, the new management may not have a free hand to rationalize or transform MH. Similarly, AK management decision may be influenced by gomen indirectly via Khazanah. To protect Khazanah holding at MH, AK ticket price will be increased. Believe AK shifting of operation, administration and regional HQ to Jakarta may be slowed or even reversed.

 

Whether one like it or not, this share swap exercise is gomen intervention in business at the highest degree. Believe the winner of this exercise is Khazanah and gomen, not sure TF was a keen and voluntary party to this deal.

 

Agree 100% - do this now and it is cheaper. Do it later and AirAsia will be such a giant monster that it will not be possible to control them anymore.

 

Who benefits from the MAS, AirAsia share swap?

 

AUG 9 — The jury is still out on whether the proposed share swap between Malaysian Airlines Bhd (MAS) and AirAsia Bhd will benefit the beleaguered flag carrier as its in-house unions threaten strikes and voting for the opposition if the Najib administration goes through with the deal today.

Both MAS and AirAsia shares have been suspended for trading until this evening pending an announcement that could see the low-cost carrier’s main shareholder, Tune Air Sdn Bhd, get 20 per cent of the national airline. The unlisted Tune Air is jointly owned by Tan Sri Tony Fernandes, Datuk Kamarudin Meranun and Datuk Aziz Bakar.

 

The Malaysian Insider has reported that the share swap will eventually see MAS reclaim its position as a premium airline, leaving low-cost operations to be dominated by AirAsia, Asia’s biggest budget carrier that was just a two-plane operation when Tune Air bought the airline for RM1 in 2001.

 

Some analysts and MAS staff have argued that the government needs to rescue the airline that has been bleeding red ink in the past few quarters rather than sell a stake to “the enemy” as AirAsia has been known since it became a runaway success.

 

But can Putrajaya throw good money after bad into a virtual airline that has had its books cleaned up in 2002 under the wide asset unbundling (WAU) exercise. That restructuring was engineered by the BinaFikir consultancy, then led by Tan Sri Azman Mokhtar, the current managing director of Khazanah Nasional Berhad, MAS’s ultimate main shareholder.

 

After all, the state-owned airline has already had two rights issues since the WAU, raking in RM1.6 billion in 2007 and RM2.67 billion in 2010 to fund its operations and fleet purchases. How much more money is required to stop the airline from bleeding red ink after a rather peaceful flight under former managing director Datuk Seri Idris Jala?

 

The past financial fixes haven’t helped MAS. Another round of money won’t either, an industry source told The Malaysian Insider despite a touted RM8.4 billion aircraft renewal programme.

 

“Most of the past solutions for MAS, either the WAU or Jala’s business transformation plan, were financial in nature to keep the airline in the black. But what is needed are operational fixes,” he added.

 

Saving MAS

 

Government officials familiar with the deal said Khazanah and AirAsia have been talking about a tie-up on five separate occasions but have never been able to come to terms. Among the issues are pricing and reaction from MAS in-house unions and the Malay ground that could have political repercussions for the ruling Barisan Nasional (BN) government.

 

“It has never been easy and even this deal is not easy. But the choice is clear, take this deal and save MAS with the government keeping the majority stake or let it bleed and 20,000 people lose their jobs,” said a government source who spoke to The Malaysian Insider on condition of anonymity.

 

The source also dismissed talk of selling out Bumiputera equity, saying Khazanah will still keep the main stake through its wholly-owned unit Penerbangan Malaysia Bhd (PMB) while Tune Air itself has a majority Bumiputera shareholder through Kamarudin and Aziz.

 

“Yes, Tony is the public face of AirAsia but it’s Kamarudin who also runs the operations,” he said, adding this gives a chance for the state-run airline to work with entrepreneurial Bumiputeras rather than just the bankers and accountants who have run MAS.

 

The government source noted that Fernandes was named Airline CEO of the Year for 2009 while AirAsia has won the World’s Best Low-Cost Airline award for 2009 and 2010, proving world-class talents are at MAS’s doorstep.

 

He also pointed out that picking Tune Air to help save MAS would benefit both airlines in the long run, despite talk that the premium market is shrinking and the tie-up was effectively a cartel.

 

“There is demand for a premium airline. Just look at the Gulf carriers such as Etihad and Emirates. They are breaking into the premium market that is controlled by Singapore Airlines,” the source added.

 

It is understood that Emirates will soon start flying its Airbus A380 on the Dubai-Kuala Lumpur route, cutting further into the premium market that MAS once dominated. Gulf airlines are now using their fifth-freedom rights to ply the Dubai-Kuala Lumpur route and beyond — the same right that benefited MAS and Singapore Airlines in the past.

 

As to whether the share swap will lead to a cartel, an industry source said both companies will keep their respective boards and compete on some routes but still benefit from several synergies.

 

So, who benefits from the deal?

 

ECM Libra, in its research note, said the partnership would allow AirAsia to continue what it does best with less predatory competition, while MAS can concentrate on serving the premium segment with better revenue yield.

 

It also said that there are opportunities for cost-savings as both airlines would be able to bargain better for future aircraft purchases, as well as minimise duplication of resources such as that in the maintenance, repair and overhaul (MRO) area.

 

AirAsia currently outsources its MRO to Singapore but the share swap deal could push the low-cost budget carrier to use MAS services instead.

 

An analyst agreed the partnership will allow MAS to cut the queue for aircraft such as the A380 as AirAsia is one of Airbus’ largest customers with more than 200 orders and options.

 

“MAS used to have clout with the airplane makers but its scant purchases over the years has diminished that,” the analyst said, pointing out that MAS will only start getting the A380s next year, some four years after the initial delivery scheduled for May 2008.

 

“MAS can get more aircraft, faster and cheaper, if AirAsia is in the picture,” he added.

 

Co-operation and competition

 

The analyst also said market segmentation will help both carriers benefit from the range of travelling types in the 21st century, saying MAS could potentially be the premium long-haul and short-haul airline to AirAsia’s budget service for both markets.

 

“Some prefer to go business class and refuse to take AirAsia even for short-haul flights. Perhaps Firefly can fill that market. The possibilities are limitless,” he explained, saying this would still mean competition for passengers in the Malaysian market.

 

Opposition lawmakers have said the impending share swap could lead to a monopoly or cartel but the analyst noted that Singapore Airlines has announced it will set up a low-cost carrier while Australia’s Qantas already operates a budget service under Jetstar.

 

“There’s always some competition. Don’t forget that AirAsia is Asia’s biggest low-cost operator and that is what makes it an attractive option for travel,” another analyst said, adding it will remain a strong force in the growing regional passenger market as it services all 10 Asean capitals.

 

Realising KLIA’s potential

 

One main beneficiary will be the KL International Airport (KLIA) which can now act as an inter-lining hub for both premium and low-cost carriers.

 

“It gives travellers more options especially when KLIA2 starts operations. People can pick and choose if they want to go premium or low cost in one hub and even buy a combination of tickets from one source,” an aviation analyst said, referring to the new low-cost terminal being built now.

 

He noted that KLIA had never fulfilled its promise as a hub as it lay between Bangkok and Singapore, the traditional hubs for European and Asian airlines. “The tie-up can push KLIA to be a major hub,” the analyst said.

 

He pointed out Singapore Airlines will probably operate on the same lines once it launches its budget carrier. “It makes sense. Budget airlines will feed premium airlines and vice-versa especially if both operate from one hub,” he added.

 

Malaysia wins?

 

In the end, he said, Malaysia will benefit from having two airlines that can cater to all segments of the passenger and cargo market.

 

“Both sides can win from this deal as it can resolve MAS operational issues. That’s the one thing that has dragged it down,” the analyst said.

 

A government source agreed, saying: “The bottom line is the bottom line must be black. There are very few options left for MAS.

 

“The WAU and the other financial fixes didn’t keep MAS up in the air long enough. It’s up to Tony and Kamarudin to make it work this time,” he added.

 

Source: http://www.themalaysianinsider.com/malaysia/article/who-benefits-from-the-mas-airasia-share-swap/

Edited August 9, 2011 by flee

[BC Tam 2]

AirAsia need to be given some free hand to manage MAS

Wouldn't that be like shoving the fox into the chicken coop ?!

[filipeseda 0]

Oil is now below US$78 a barrel. Good news for MAS!

 

MH is in the process of doing exactly that at the moment! That's why Firefly's flying jets and taking over some Domestic destinations from MH. That's why they're upgrading their premium class check in counters in KLIA. That's why their having the Branded Customer Experience Program.

 

So why do they need to do this? The more I read about this, the more I'm getting skeptical of the true intentions of this exercise!

 

Well, perhaps it's in part due to the poor leadership that MAS has gone through for ages and they see a rather talented airline CEO, and for the government to get its hands on AK for something called "duit"

[KK Lee 5]

Oil is now below US$78 a barrel. Good news for MAS!

 

Not if MH hedged at higher price previously. However, lower oil price is good for everyone on the street!

 

Given radical changes at MH, it is a fair bet that MH Q2 and Q3 result is disastrous.

Edited August 9, 2011 by KK Lee

[Mohd Suhaimi Fariz 2]

Well, perhaps it's in part due to the poor leadership that MAS has gone through for ages and they see a rather talented airline CEO, and for the government to get its hands on AK for something called "duit"

 

There's poor leadership from the government, I'll give you that. If given free rein, things would have been different.

[Nik H. 3]

Ha ha. Shiver my friends, shiver........

 

My story to follow. My 30 years work destroyed in 30 months by Azmil and his Merry Men/Women of Very Smart MS PowerPoint driven People. Its OK for them, They will go on to Banks, Finance Houses, etc etc when MAS is in pieces. The longtime loyal staff, the reason for MH's excellence will suffer again.

 

MAS, Master of shoving square pegs into round holes. Straight - Laced Accountant as CEO. Auditor to lead Business Units. Financial 'Experts' as Regional Sales. Engineers as Administrators. Greenhorn running Comms. MAS does not need competitors. Its on a path of self destruction.

 

I planned for early retirement since last quarter 2010, and left 15th June 2011. I don't want to continue batting for a losing team that celebrates mediocrity, that continues to live in denial, clueless in entrepreneurship, and puts processes ahead of results. Where means are more important than the ends. A company that does not value staff contribution, preferring to lose its Soul in its erroneous path of syiok sendiri success.

 

Do the Honorable thing Guys......be brave, leave, prove your worth in the open business world without the protection of your MH Given titles.....I dare you.

[Nik H. 3]

BTW, this Govt interference allegations on MH policies and operations, is it a convenient Red Herring frequently bandied around as an excuse acceptable to the public? I know its overplayed. The Govt does have interest in MAS for obvious reasons, and its up to the CEO to navigate his way around such obstacles. When you have CEOs with backbones made of jelly, with extremely polite and accommodating attitude for the political masters, then the specter of Government interference becomes real. You cannot have this "Sit, RollOver, Beg & Fetch " type of canine Management leading MH. You gotta have Management with conviction, one who will say " I'm ready to leave if you interrupt my policies often enough. "

 

BTW, Apart from the few I know are good, I will not touch any of the MH Higher Management with a 10 foot pole even if they offer their services for free in my Charter company.

Edited August 9, 2011 by Nik H.

[Nik H. 3]

Azmil should go soonest. His crony, the young one who had a meteoric rise from Manager to SVP after stealing other people's ideas should follow suit. A few more should follow suit. The decision makers on the Al Wafeer deal should also be hanged for losing rakyat money.

 

For the MD, 48 hours is more than enough to pack.

 

All of them should go to Hollywood where their acting skills will feed them well.

 

But then after this what of MAS?

Edited August 9, 2011 by Nik H.

[Cheng Long 0]

 

AUG 9 — The jury is still out on whether the proposed share swap between Malaysian Airlines Bhd (MAS) and AirAsia Bhd will benefit the beleaguered flag carrier as its in-house unions threaten strikes and voting for the opposition if the Najib administration goes through with the deal today.

 

Source: http://www.themalaysianinsider.com/malaysia/article/who-benefits-from-the-mas-airasia-share-swap/

 

Support! Support! Go! Go! Go!

 

This corrupt gov has led to so much problems. Remove the primary problem and hopefully things will fall into place.

[Mohd Suhaimi Fariz 2]

Azmil should go soonest. His crony, the young one who had a meteoric rise from Manager to SVP after stealing other people's ideas should follow suit. A few more should follow suit. The decision makers on the Al Wafeer deal should also be hanged for losing rakyat money.

 

For the MD, 48 hours is more than enough to pack.

 

All of them should go to Hollywood where their acting skills will feed them well.

 

But then after this what of MAS?

 

No need 48hrs. He's out the door in a low key sendoff at noon.

 

Out one crony, in comes another. That's the Malaysian way, no matter what political affiliation you are, from my experience at least

[Ashmil Abd Ghani 0]

From Uncle Tony Twitter

 

All will be told at 4. But I'm excited and very positive. Its a landmark day for malaysia. RT @Khairykj: Bro, ppl not interested in footie schedule from you. What's up with MAS? DY new CEO?!

 

Pardon me, what is "DY"?

Edited August 9, 2011 by Ashmil Abd Ghani

[Lock SH 0]

Who is bailing who???........

 

Have a read at this thread, especially post #15 and be a judge yourself ......

 

 

http://www.pprune.org/south-asia-far-east/459949-airasia-mas-together-after-all.html

 

 

 

[M. Sofian H. 0]

I just received phone call from my friend in MAS

Tengku Azmil just leave out MAS...