SKS Airways is financially sound, denies seeking funding for its plane acquisition

COMING on the heels of the futile attempt by cash-strapped budget carrier MYAirline Sdn Bhd to secure new investors to sustain its operations, SKS Airways Sdn Bhd – Malaysia’s newest airline – has described news reports of it seeking funding from various parties to pay for its 10 Embraer E-195-E2 aircraft as “categorically false and reek of mischiefs”.

The airline which was founded in January last year – or a year after MyAirline – said payments to secure the 10 aircrafts had been fully settled to its lessor Azzora Aviation Holdings with the subsequent payments only due when the aircrafts are delivered.

“We have diligently managed our financial obligations, ensuring that all payments are made on time and in accordance with our commitments,” SKS Airways pointed out in a media statement.

‘We do not have any overdue payables and we have taken great care to ensure that all our employees are fully paid and well taken care of without any exceptions.”

Yang di-Pertuan Agong Sultan Abdullah Sultan Ahmad Shah and Transport Minister Anthony Loke Siew Fook inside the cockpit of a SKS Airways plane

Nevertheless, the airline said it is indeed on the look-out for strategic investors for Phase 2 of its growth plan with an additional 20 aircrafts on top of the current 10 that are already committed.

“These additional aircraft will play a crucial role in our continued growth when the government’s Subang Airport Regeneration Plan (SARP) is completed,” justified SKS Airways.

“It is important to note that as we move forward, we are seeking investors with strategic contributions to help the company grow further. We believe that partnering with investors who share our vision and can provide strategic contributions will be instrumental in our long-term success.”

Added the airline: “MAVCOM (Malaysian Aviation Commission) and CAAM (Civil Aviation Authority of Malaysia) have been kept informed continuously of our latest updates and we have an understanding that they will be notified of our aircraft delivery schedule at least 3 months prior to the delivery.”

In a separate development, SKS Airways also announced the resignation of its CEO Dzuleira Abu Bakar with effect from Nov 10 this year. SKS Airways had announced Dzuleira’s appointment on June 26 to accelerate the full potential and growth of SKS Airways as a leading regional carrier that delivers long-term growth and value to its shareholders.

“She took over from the acting CEO and executive director Datuk Rohman Ahmad effective Sept 15,” explained the airline, noting that Rohman will once again” be entrusted to steer SKS Airways towards its next phase of growth and beyond”.

Yesterday (Nov 21), Yang di-Pertuan Agong Sultan Abdullah Sultan Ahmad Shah officiated SKS Airways’ newly renovated hangar at the Subang Airport.

Measuring close to 46,000 sq ft, the new facility will provide ample storage space for aircraft spare parts, tools and equipment as well as office space. “This underscores SKS Airways’ readiness for its next phase of growth, contrary to media speculation in the last few days,” added SKS Airways. – Nov 22, 2023

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