KUALA LUMPUR (Dec 18): Jentayu Danaraksa Sdn Bhd (JDSB) today apologises to Khazanah Nasional Bhd after the latter cancelled a meeting with the financial advisory firm on Tuesday, which the former regarded as an implicit expression of its dissatisfaction with Jentayu. 

It said its intention has never been to undermine Khazanah's restructuring process but rather to augment the sovereign wealth fund's 12-point plan.

"Our action thus far indicates we have no hidden agenda. We have been transparent and sincere from the outset in our effort to assist Khazanah resolve MAS's problems," it said in a statement today.

"We sincerely hope we have the opportunity to share, elaborate and explain in greater detail our proposal to Khazanah and apologise if we have caused any inconvenience," it added.

Jentayu stressed that its goal since its inception is to prevent the retrenchment of 6,000 Malaysian Airline System Bhd (MAS)'s employees, which is critical to Khazanah's rescue plan for MAS, together with an injection of RM6 billion of taxpayers' money into MAS.

"Jentayu believes its proposal would alleviate this. Our priority is to help MAS turn around, save as many employees as possible, and ensure that MAS regains its stature as one of the world's top carriers," it said.

It also said the change of acquisition target is to exploit the advantages presented from the exclusive use of aircraft leasing against the business model currently employed by MAS. 

It had originally wanted to take over two MAS assets - MAS Engineering Sdn Bhd and Firefly Sdn Bhd - but later said it would fully acquire Penerbangan Malaysia Bhd (PMB), which currently leases aircraft to MAS, instead. This, it had said, would enable it to set up a new premium economy airline called Fly JD.

"Our proposal envisages strengthening MAS's financial standing using the tools available now (which is) PMB and MAS's repertoire of skilled and dedicated workers," the statement read.

On top of that, Jentayu explained that the formation of Fly JD is to absorb some of the jobs slated for removal, by offering new destinations and products that would complement the Malaysian Airline Bhd (MAB), to entice more traveller.

Officials from both of the organisation were supposed to meet on Tuesday in order to discuss Jentayu's RM8.75 billion plan to revive MAS.

However, the meeting fell through after Jentayu briefed media on Monday on its aforesaid recovery plan for the ailing carrier.

Earlier this afternoon, Bernama had reported, quoting sources, that Khazanah was dismayed with Jentayu's "unprofessionalism" for not keeping the proposal classified, and described the latter's method of presenting its proposal via the media to gain publicity as simply "unacceptable behaviour" that "went against basic decorum expected from any serious business deal".