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Mohd Azizul Ramli

MAS A380 - Fleet to be Retained

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Dont send it to Utusan, they'll probably get excited and publish it tomorrow, and then send you a thank you note for capturing a picture for them. This page of the topic really got me rolling with laughter. Well done guys

 

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Dont send it to Utusan, they'll probably get excited and publish it tomorrow, and then send you a thank you note for capturing a picture for them. This page of the topic really got me rolling with laughter. Well done guys

 

No no .... They will probably do a front cover with the headlines ..... " Malaysia boleh , BOLEH !!! " ...

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Source : Australian Business Traveller (http://www.ausbt.com...re-airbus-a380s)

 

 

Malaysia Airlines will double the size of its nascent A380 fleet with plans to buy six more of the superjumbos.

 

The airline this morning announced it had secured a loan for up to A$1.65 billion to fund the purchase of six more A380s, along with two A330-200s.

 

 

_______________

 

Sorry for the formatting guys, posted using my iPhone!

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Wow. 6 more? That's rather ambitious. I was thinking they'd only really need 2 more. The additional aircraft will definitely end up going to SYD and MEL, and even AMS. I think MAS are really seeing the benefits of the A380 in terms of passenger pulling power and fuel efficiency.

I'm a bit confused about ordering the A332 though. Maybe the A332 is to cover daily flights to FRA, since the A380 could potentially end up covering LHR, CDG and AMS. I don't see why they'd need the A332 for anything else really...

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(Reuters) - Loss-making Malaysian Airline System Bhd (MASM.KL) (MAS) has secured a state-backed Islamic bond facility to raise up to 5.3 billion ringgit ($1.73 billion) for the purchase of eight new widebody aircraft made by EADS's (EAD.PA) Airbus.

 

The state-guaranteed bond was established through Turus Pesawat Sdn Bhd, a special-purpose vehicle owned by the ministry of finance, MAS said in a statement on Tuesday.

 

MAS has been struggling to remain competitive due to an ageing fleet, rising fuel costs and competition from low-cost carriers such as AirAsia Bhd (AIRA.KL).

 

Funds raised will go towards the acquisition of six Airbus A380s and two A330s, said MAS. Notes issued under the bond will have a tenure of up to 20 years.

 

The company has two outstanding bonds. It sold 1 billion ringgit of Islamic bonds without a fixed maturity through a private placement in June, when it also issued a 500 million-ringgit Islamic bond. ($1=3.0630 Malaysian ringgits)

 

http://www.reuters.c...E8AJ0LQ20121120

 

What are they ordering?

Edited by alberttky

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Dont get excited. MH had only secured long-term cheaper financing to replace the bridge financing that was used to pay for part of the the EXISTING orders/ new fleet, including the three 380s in service.

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Can't believe Reuters can write such misreported news.

 

Actually I just looked at the author of the article (Al Zaquan) and realized he is actually my schoolmate from Primary haha!

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This is the announcement disclosed to Bursa Malaysia:

 

1. INTRODUCTION

Our Board of Directors wish to announce that we had on 19 November 2012 executed a Master Facility Agreement with Turus Pesawat Sdn Bhd (“Turus Pesawat”) in respect of a Bai’ Bithaman Ajil Islamic financing arrangement of up to RM5.311 billion (“Financing Facilities”).

 

Turus Pesawat is incorporated in Malaysia as a special purpose company, wholly-owned by the Ministry of Finance, Inc, in order to provide the Financing Facilities.

 

The Financing Facilities are to be utilised by us to finance the purchase of eight ( 8 ) aircraft comprising six ( 6 ) Airbus A380-800, one ( 1 ) Airbus A330-200F and one ( 1 ) Airbus A330-300 (“Aircraft”) and other expenses in relation to the purchase thereof.

 

The salient terms of the Financing Facilities are set out in Section 2 below.

 

2. SALIENT TERMS OF THE FINANCING FACILITIES

The relevant salient terms of the Financing Facilities are as follows:

 

Facility :

Bai’ Bithaman Ajil Facility up to a maximum aggregate amount of RM5.311 billion only.

 

Purpose :

The Financing Facilities of RM5.311 billion shall be utilised by us to finance the purchase of the Aircraft and other expenses in relation to the purchase thereof including but not limited to the following:

 

( a ) pre-delivery progressive payments including advances paid by us for the purchase of the Aircraft;

( b ) balance purchase price of the Aircraft (if any) including buyer furnished equipment;

( c ) to redeem any bridging facility or credit lines undertaken by us in relation to the purchase of the Aircraft; and

( d ) such other costs as may be determined by Turus Pesawat

 

Tenure :

The tenure of the Financing Facilities shall be for a period of up to twenty (20) years from the date of each disbursement under the Financing Facilities.

 

Security:

The Financing Facilities are secured against the Aircraft.

 

3. EFFECTS OF THE FINANCING FACILITIES

The Financing Facilities will not have any effect on our issued and paid-up share capital, net assets and net assets per share.

 

This announcement is dated 20 November 2012.

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Wonder where Ministry of Finance will source the funds from ;)

From the financial markets - the sukuk is guaranteed by the govt. So it will be a risk free govt. security. MH could have issued the same themselves, but it does not want this to weaken their already weak balance sheet further. They would prefer to just least the planes from Turus Pesawat.

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From the financial markets - the sukuk is guaranteed by the govt .....
From local banks and EPF

Question arises whether institutions concerned would have been interested minus the middleman's (= Turus Pesawat S/B = Ministry of Finance Inc = nation's treasury = ....... ) input ? :)

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Question arises whether institutions concerned would have been interested minus the middleman's (= Turus Pesawat S/B = Ministry of Finance Inc = nation's treasury = ....... ) input ? :)

=kita :p

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Can't believe Reuters can write such misreported news.

 

Actually I just looked at the author of the article (Al Zaquan) and realized he is actually my schoolmate from Primary haha!

 

Wah the world is really small.. guess what you and I were in the same primary school too! sorry for the off topic...

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