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Capital A RPTs will need to be scrutinised; hundreds of mils flowing into Capital A-linked companies, Thailand, Philippines and Indonesia ops are not making money, Bahrain and London plans should be scrapped, fleet size to be reduced, focus on domestic flights and trim non profitable routes, etc...
Perfect Storm : Prolonged Haze (adverse effect on tourism and travelling), High Jet Fuel price (elevated costs and margin compression) & increasing global borrowings yield % (challenging for highly indebted company to raise working capital funds and expensive financing).
Will be interesting to follow the developments. Over 900mil cash balance and 18bil current liabilities as of Jun 2026. The cash balance can only lasts for 3 to 4 months without new funding/cash. Tony is running out of time.
The danajamin loan back in 2021 whereby Tony & Kamarudin refused to be personal guarantors for the loan. No chance they will be willing to do that 5 years later.
Average Brent crude oil heading higher to USD$113 (5-month High) and average global jet fuel prices likely to head past USD$200 soon. Most airlines in USA & Europe are currently struggling with high jet fuel prices despite jet fuel price hedging policies and off-setting with big air fares hike (ie. fuel surcharges).
A proper restructuring business model will require at least RM10 billion of new funding (borrowings, shares issuance/placement, group asset sales etc.) by end 2026/early 2027 based on current circumstances.
The global average jet fuel price for week ended 26 October 2026 rose 2.2% compared to the week before to $196.70/bbl. Getting tougher and tougher Week On Week.
