MALAYSIA Aviation Group (MAG) has denied hiring or giving a mandate to American investment bank Goldman Sachs to guide the group’s long-term business plan (LTBP 2.0) over the next five years. 

MAG group chief executive officer Capt Izham Ismail said the entire plan, which was formulated in the fourth quarter of 2018 and implemented in 2019, was purely driven by MAG without hiring any external party.

“It is all false. The plan was credible and we re-based it with the ground zero of 2020),” he said during the virtual media briefing on MAG’s LTBP 2.0 today.

“There is no consultant or anybody else that is helping us. We are on our own, except for the capital financial restructuring portion where we need advisers.

“That is the only part that we have advisers that help and tell us (what to do).”

Izham was commenting on an article by an aviation consultant, which stated that Goldman Sachs would help chart MAG’s future direction and recovery efforts.

Under the LTBP 2.0, which was launched today, MAG aims to break even financially and be cash positive by 2023 amid a subdued market, with recovery expected to take place only in 2022/2023.

The aviation group intends to have a more diversified portfolio, with digital and travel solution businesses playing a more pivotal role in driving growth for MAG.

It would expand the fleet size to 83 by 2025 from 69 at present, with more Boeing 737-800 aircraft for regional and Asia-Pacific market growth. – Bernama, May 4, 2021.