Malaysia Airlines to buy 25 new planes
By Eileen Ng |
December 23, 2009, Wednesday
|
Print Edition
Print Edition
NATIONAL carrier Malaysia Airlines is to buy up to 25 new Airbus A330-300 planes and raise US$778 million to help fund the fleet expansion as it bets economic recovery will boost the beleaguered airline industry.
The airline signed a pact with Airbus for a firm order of 15 wide-bodied aircraft, with an option for another 10 planes. The 25 planes have a list price of US$5 billion, it said, although airlines typically get discounts for bulk purchases.
Malaysia Airlines Chief Executive Azmil Zahruddin said the carrier will fund the purchases through a share issue and borrowings. It will offer existing shareholders some 1.671 billion new shares to raise 2.67 billion ringgit (US$778 million) as it prepares to capitalize on the economic recovery from next year, he said.
The A330 planes will be delivered from 2011 to 2016, and serve the growing markets of South and North Asia, China, Australia and the Middle East. The A330-300 will complement the carrier's incoming fleet of six A380 superjumbos and 35 Boeing B737-800 narrow-body jets, Azmil said.
"By 2016, all the aircraft we have ordered will be in and we expect to have one of the youngest, most fuel-efficient and environmentally friendly fleet in Asia," he said.
Airlines have been savaged by the financial crisis and recession but Malaysia Airlines has said it expects global travel to pick up next year.
Azmil said the airline expects to gain annual savings of 300 million ringgit from lower operating costs when the A330s are received.
The A330s will fly medium haul destinations, the A380s will serve key long haul destinations such as London and Sydney, while the B737-800s will be used on domestic and regional routes.
The airline signed a pact with Airbus for a firm order of 15 wide-bodied aircraft, with an option for another 10 planes. The 25 planes have a list price of US$5 billion, it said, although airlines typically get discounts for bulk purchases.
Malaysia Airlines Chief Executive Azmil Zahruddin said the carrier will fund the purchases through a share issue and borrowings. It will offer existing shareholders some 1.671 billion new shares to raise 2.67 billion ringgit (US$778 million) as it prepares to capitalize on the economic recovery from next year, he said.
The A330 planes will be delivered from 2011 to 2016, and serve the growing markets of South and North Asia, China, Australia and the Middle East. The A330-300 will complement the carrier's incoming fleet of six A380 superjumbos and 35 Boeing B737-800 narrow-body jets, Azmil said.
"By 2016, all the aircraft we have ordered will be in and we expect to have one of the youngest, most fuel-efficient and environmentally friendly fleet in Asia," he said.
Airlines have been savaged by the financial crisis and recession but Malaysia Airlines has said it expects global travel to pick up next year.
Azmil said the airline expects to gain annual savings of 300 million ringgit from lower operating costs when the A330s are received.
The A330s will fly medium haul destinations, the A380s will serve key long haul destinations such as London and Sydney, while the B737-800s will be used on domestic and regional routes.
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