Rayani Air (Langkawi) founder Ravi Alagendrran says he is considering selling off a sizeable stake in his airline after eight companies expressed an interest.
“I am prepared to let go 51% of my share to investors who are really interested to invest (in the company)," he told the Malay Mail. “I want the investors to manage Rayani Air better. Even better than how I have been managing it. My dream is to see Rayani Air to continue developing."
Malaysia's first Shariah-compliant carrier, Rayani Air commenced scheduled domestic operations in late December using a pair of ex-Malaysia Airlines (MH, Kuala Lumpur International) B737-400s. However, a series of strikes and operational problems forced the start-up to suspend operations earlier this month. This then resulted in the Department of Civil Aviation (DCA) suspending its AOC for a period of three months with Rayani Air's board called for a formal inquiry on May 12.
Ravi said that of the eight firms, seven are local with three experienced in the aviation industry. They are currently conducting due-diligences of Rayani Air with Ravi hopeful he can conclude a deal by May 12.
