MAS DAPAT ORANG BARU

MAS dihenyak dengan hutang US$2.6 bilion (RM 10 bilion) - hampir kesemuanya hutang jangka panjang. Ia kini sedang terbang menjunam buat kali ke 4 di dalam kerugian. Diramalkan MAS akan rugi dua kali ganda dari tahun sebelumnya. (RM569.1 juta - Fiskal March 2001).

Menurut sumber, MAS rugi RM 1 JUTA sehari dalam penerbangan domestik. Penerbangan luar pula tidak menepati sasaran sehingga terpaksa mengisi minyak sedikit kurang kerana bimbang kerugian, walaupun ia mengancam keselamatan.

Krisis Ekonomi Asia yang melanda negara menyebabkan MAS tidak dapat terbang dengan senang lagi. Ia berhutang $2.7 bilion kerana membesarkan rangkaian kapalterbang pada penghujung tahun 1995, 18 bulan sebelum krisis. Krisis kewangan menyebabkan nilai matawang jatuh 50% dan itu lebih menyakitkan lagi kerana 25 kapalterbang yang dibeli itu dipesan dalam matawang dollar US. - [TJ KB FEER 7/12/2000 KM2 3412]

"Kerajaan telah sengaja melupakan bayaran dividen yang dikeluarkan ketika MAS meraih keuntungan. Begitu juga dengan kerugian MAS sebanyak lebih satu billion ringgit di antara 1998 hingga 2000, hutang bertapuk sebanyak 8 bilion ringgit dan harga saham masakini sekitar 3 ringgit." - [TAG MT 12: FEER 25/01/2001 KM2 3658]

Dengan melantik Azizan dari Petronas dan Mohammad Nor Mohammad Yusof, timbul beberapa tandatanya.

1. Mengapa bekas peneraju MAS seperti Datuk Aziz Abdul Rahman dan Datuk Kamaruddin tidak dipanggil semula. Bukankah MAS begitu popular dan terkenal di dunia ketika mereka menerajuinya. Apakah kerajaan takut beliau akan membongkar semua karenah Tajuddin yang merosakkan eMAS yang tidak sepatutnya merosot prestasi dan nilainya?
   

2. Kedua-dua orang baru MAS itu tidak berpengalaman dalam industri penerbangan. Azizan misalnya berpengalaman menyelamatkan air muka Mahathir kerana projek penswastaan yang kecundang setelah diserahkan kepada kroni tersayang. Mohamad Nor yang dipilih Daim adalah bekas pegawai senior Bank of Commerce and penasihat Kementerian Kewangan. Mereka berdua ini mungkin pakar menyuntik wang, tetapi tanpa penumpang kapalterbang akan terus rugi memanjang.
   

Perbincangan dengan Qantas dan SwissAir nampaknya gagal mencapai apa-apa. Kuasa veto kerajaan di dalam pengurusan MAS menyebabkan syarikat asing tidak yakin dapat merencana sesuatu yang menguntungkan. Selagi politik menguasai perniagaan, MAS tidak akan dapat terbang jauh. Tanpa rakan penerbangan asing adalah sukar untuk mengaut keuntungan kerana lebih banyak kerusi dari penumpang. Adalah sukar untuk untung jika terbang bersendirian...dan jika MAS dipandu oleh nafsu nafsi politik sedangkan ia sepatutnya dipandu oleh pakar terbang.

Kemelut menghantui MAS itu sebenarnya bukan disebabkan oleh pengurusan tempang Tajuddin sahaja. Kerajaan Mahathir sendiri memainkan peranan memudarkan emas yang berkilauan itu. Kuasa veto kerajaan melalui pegangan tidak langsung dalam MAS membuatkan banyak syarikat komersil teragak-agak untuk mengambil-alih MAS. - [TJ KB FEER 7/12/2000 KM2 3412]

PETRONAS MENYIMPANG DARI MATLAMAT ASAL

Para analis berpendapat Azizan dipilih kerana dia begitu intim dengan Mahathir. Petronas sudah terlalu banyak menghulurkan wang untuk menghidupkan kroni yang asyik merugi. Kisah BBMB, MISC dan Proton menggambarkan betapa Petronas menceburi bidang yang langsung tidak ada kena mengena dengan matlamat asal ia ditubuhkan selama ini.

Kita imbau kembali lapuran Asiaweek mengenai Petronas yang tersiar dalam Rencana Dilema Mahathir:

1. 1984: Kuala Lumpur channels 2.26 billion ringgit ($964 million) into Bank Bumiputra to cover the latter's losses. The government bails out the bank again in 1989 and in 1998.
   

2. 2000: The Treasury's investment fund buys a 30% stake in a troubled unit of Renong Group. Malaysian Airlines executive chairman Tajudin Ramli sells his 29% stake in his indebted carrier to the government. State-owned oil conglomerate Petronas purchases DRB-Hicom's 25.8% stake in the national car project Proton.
   

Tidak ada seorang pun dihukum kerana menyebabkan kerugian berkali-kali kepada BBMB, Perwaja, dan banyak lagi. Kehadiran Petronas menyelimutkan kroni dan dengan tertelannya BBMB semua harapan untuk mencari dalang sudah terkambus jauh untuk cari.

Cuba kita lihat di sekeliling dunia negara manakah syarikat minyaknya menjadi syarikat kereta dan perkapalan yang terkemuka? Atau melibatkan diri dalam perniagaan hartanah sehingga sanggup membelanjakan berbilion banyakknya untuk memecahkan rekod dunia dengan bangunan mencakar langit tinggi? Seorang rakan saya di KLCC memberitahu saya tahap sewaan sekitar 60-70% sahaja sehingga kini. Itupun banyak dipenuhi oleh syarikat multinasional.

Sekarang kelembapan ekonomi A.S. mula mengugat sebahagian syarikat yang berada di sana. Lucent misalnya sudah ditimpa beberapa kemalangan ngeri dalam dunia niaga. Jika parah, ia akan meninggalkan KLCC satu ketika nanti.

Pernah satu ketika dulu terdapat kabar angin Petronas membayar gaji pekerja MAS. Awal tahun ini kerajaan menyeru Petronas memberi diskaun 10% harga minyak buat jet kapalterbang. Petronas menyumbang 28% daripada kos minyak kapalterbang MAS dan minyak merupakan 16% daripada kos operasi MAS. Sebahagian masalah MAS adalah kerana ia polisi memagari bahanapi. Ia dimandatkan sehingga 50% tetapi cuma setakat 10% sahaja digunakan kini. Tajuddin tidak berbuat apa-apa terhadap kontrek pembelian minyak bila harga minyak naik mencanak. Sekarang sudah tersedak barulah terngadah.

Dapatkan MAS terbang lagi dengan dua orang baru berada di sisi? Jawapannya akan dapat dibaca dengan melihat harga tambang yang bakal bertukar nanti dan bilangan penumpang yang diisi. Disamping itu mereka berdua akan bekerja keras untuk memastikan semua karenah Tajuddin disembunyi agar ia tidak mengganggu nama baik Mahathir lagi. Sesungguhnya kepak kapalterbang menyimpan banyak kisah misteri tetapi rakyat jugalah yang menjadi mangsanya nanti.

-Kapal Berita-

Rencana Rujukkan:

Source: The Business Times, Singapore

16th February 2001

No quick end to MAS woes despite board reshuffle

Malaysian carrier seen unlikely to return to the black until 2003

MALAYSIAN Airline System (MAS) is unlikely to shrug off its financial woes quickly despite two new faces who have been named to head the loss-making flag carrier, analysts said yesterday.

MAS, saddled with US$2.6 billion (S$4.5 billion) of mostly long-term debts, is running into its fourth straight year of losses.

"The airline is unlikely to return to the black until 2003," said Noor Azwa Mohamad Noor, an aviation analyst at KAF Seagroatt and Campbell.

He forecast MAS net loss at RM569.1 million (S$261.2 million) for the year to March 2001, nearly double the previous year's loss of RM259 million.

Malaysia's first steps to restructure MAS, via a reshuffle on Wednesday of the carrier's board, raised analysts' hopes.

Azizan Zainul Abidin, chairman of national oil company Petronas, has been named non-executive chairman. Mr Azizan, 65, succeeds former MAS executive chairman Tajudin Ramli, who sold his controlling 29 per cent stake in the airline back to the government in December for RM1.79 billion.

The government also named a managing director to a post vacant for some time. Mohamad Nor Mohamad Yusof, former banker and adviser to the finance ministry, will take up the post.

Analysts were optimistic. "I don't think the lack of airline experience is a major setback for MAS," said one airline analyst.

"Azizan has a good track record as a performer. We would like to think the prime minister has given a strong mandate to Azizan and Mohamad Nor to turn around the company," the analyst said.

Analysts said they expect MAS' much-needed restructuring and search for a foreign equity partner to prove a long-drawn affair.

"MAS has to rationalise its operations and costs and decide on an alliance with a foreign operator and all these take time," said another analyst.

Australia's Qantas is a leading contender for the stake after Swissair dropped out. Even if the price is right, the government is unlikely to yield management control to a foreign operator.

A foreign suitor is also likely to insist on cuts in MAS' 21,000 employees and a cutback on loss-making domestic routes -- politically-sensitive issues.

But analysts said the appointment of Mr Azizan, a trusted aide of Prime Minister Mahathir Mohamad, could revive talk that cash-rich Petronas will provide some financial help to MAS.

These expectations are not new. Petronas in 1998 persistently denied market rumours that it would buy into MAS. There was even talk that MAS would tap Petronas to help pay the salaries of airline staff.

Earlier this year, the government asked Petronas to consider extending MAS a 10 per cent discount on jet fuel to help it cope with high fuel prices.

Petronas accounts for 28 per cent of the airline's fuel needs. Fuel costs form 16 per cent of MAS' total operating costs.

Part of MAS' financial problems stem from its fuel hedging policy. MAS is mandated to hedge up to 50 per cent of its fuel needs but has hedged only 10 per cent of its requirements.

But analysts said there is no gain without pain. Job cuts, lower fuel and other costs could save MAS as much as RM2.7 billion a year, allowing it to eventually return to profitability. -- Reuters

http://business-times.asia1.com.sg

The Business Times, Singapore

15th February 2001

Petronas chief and ex-banker to head MAS

Appointments back perception foreign partners not too keen to step in

By Eddie Toh in Kuala Lumpur

THE Malaysian government has appointed two senior officials to head Malaysia Airlines, reinforcing perceptions that efforts to rope in a foreign strategic partner to turn the ailing carrier around have failed.

The Finance Ministry yesterday appointed Azizan Zainul Abidin, who is the chairman of national oil corporation Petroliam Nasional, as the non-executive chairman of MAS.

The Finance Ministry, headed by Daim Zainuddin, also named former banker Md Nor Md Yusof as the new managing director of MAS. Mr Nor was formerly a senior banker at Bank of Commerce and an adviser to the Finance Ministry.

Mr Daim made the new appointments following his acceptance of the resignation of Tajudin Ramli as chairman of the airline.

The former merchant banker has to step down after the sale of Naluri Bhd's stake in the national carrier to the Finance Ministry for RM1.79 billion (S$822 million) in cash last month. Naluri, which is 47 per cent controlled by Mr Tajudin, owned 29.09 per cent of MAS.

Besides filling up the vacant seats, analysts said the appointments could be an indication that the government has not made much headway in striking a deal with a foreign strategic partner to help steer MAS.

The government has yet to reach any preliminary pact with Qantas Airways and SwissAir after months of negotiations.

And last week, Niki Lauda, a former racing driver and founder of Lauda Air, rejected an offer to head MAS and will captain Jaguar's Formula One team instead.

Analysts said negotiations with the foreign carriers will continue to be protracted.

This is because the Malaysian government holds a golden share that carries wide-ranging veto power in the management and direction of the carrier.

Any major decision -- like a hike in airfare or the shutdown of unprofitable domestic routes -- will need the blessing of the Malaysian government.

Furthermore, the government's buyback of the MAS shares from Mr Tajudin has become a political hot potato in Malaysia.

Critics said the purchase price of RM8 per share was too high -- almost double its net tangible assets and way above its market price of less than RM4 apiece.

Besides paying a high premium for the stake, Mr Tajudin had earlier disclosed in a circular to Naluri's shareholders that no independent valuation was carried out in the transaction.