The current Malaysian accounting system
enables MAS to treat the junior sukuk as equity financing as it ranks below the
claims of other present and future creditors but ahead of other common
shareholders.
Hence the issuance will not impact its
gearing ratio. MAS’s net gearing ratio stood at 5.9 times.
Market observes view the full subscription
of MAS’s perpetual sukuk as it will able to shore up its capital base
without deteriorating its net gearing ratio.
MAS is also expected to announce another
round of rm5.3 billion fund raising for its aircraft leasing.
However there is still a long way to go
for a MAS turnaround. Lingering issues that the airline still has to resolve
include: Reducing its high operating costs, increasing its yield to be a par
with peers, re attracting passengers and increasing load factors and
maintaining its five star status with Skytrax.
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