Malaysia’s MYAirline Eyes IPO, Leases Another 17 Aircraft

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MYAirline (Z9, Kuala Lumpur International) has signed a lease deal for 17 additional aircraft and plans to list on the Malaysian stock exchange within three years, CEO Rayner Teo told Malaysia’s Bernama news agency last week.

Teo says the low-cost carrier is flying five A320-200s with a sixth aircraft delayed. He has confirmed a deal to lease an additional seventeen A320-200s although did not provide further details of the transaction. ch-aviation has contacted MYAirline for further details regarding the leases.

“We are basically in narrow-body operations on the basis of a low-cost carrier, while focusing on short hauls,” Teo said. “We are keeping to a range of four hours for the narrow-body, and we also keep to the single family type aircraft.”

MYAirline launched in early December 2022 with three A320-200s and flights to Kota KinabaluKuching, and Langkawi from its Kuala Lumpur hub. Its network has since grown to include Kota BharuPenangMiriSibu, and Tawau. “Despite being only three months into our operations, we have been seeing very encouraging demand with an average of over 90% passenger load for all flights,” Teo said. Scoping work for flights to Sandakan and Bintulu has also commenced and the CEO says planning for flights to neighbouring countries, namely Indonesia, Viet Nam, Thailand, and Singapore, is well underway. “We are engaging with the relevant regulators in these countries to get the flights up as soon as we can.”

Teo says passenger demand for flights is strong and exceeds his available capacity. He says the decision to launch the start up during Covid-19 is paying off. The carrier was able to access inexpensive aircraft and time their launch to coincide with the demand rebound. He is now positioning to list MYAirline on the Bursa Malaysia within three years. “As any company with shareholders, there are plans to list the company, and we will try to list on Bursa as soon as we have the capabilities in three years,” he said.

Source: CH Aviation