Last week, Malaysia’s MYAirline announced that it had signed a lease deal for 17 additional aircraft. It also shared plans to list on the Malaysian stock exchange within the next three years. This news came according to CEO Rayner Teo in an interview with Bernama news agency.
Currently, the low-cost carrier operates five A320-200s, with a sixth aircraft facing delays. The CEO confirmed that MYAirline had finalized a deal to lease an additional seventeen A320-200s. However, specific details regarding the transaction were not disclosed.
Teo explained that the airline’s operations focus primarily on narrow-body aircraft as part of its low-cost carrier strategy. The airline focuses on short-haul flights. He further elaborated, that the airline limits the narrow-body aircraft to a maximum of four hours of flying time. It also sticks to a single family type of aircraft.
MyAirline debut during pandemic
MYAirline made its debut in early December 2022, initially commencing operations with three A320-200s flying to Kota Kinabalu, Kuching, and Langkawi from its Kuala Lumpur hub. Since then, the airline’s network has expanded to include additional destinations such as Kota Bharu, Penang, Miri, Sibu, and Tawau. Teo expressed satisfaction with the performance so far. He reported that the demand for flights has been highly encouraging. Their average passenger load is over 90% on all flights. The airline has already started scoping work for flights to Sandakan and Bintulu. Teo mentioned ongoing planning for flights to neighboring countries, namely Indonesia, Vietnam, Thailand, and Singapore. The airline is actively engaging with regulators in these countries to expedite the launch of these routes.
Despite the challenges posed by the COVID-19 pandemic, Teo noted that passenger demand for flights has remained strong and has exceeded the airline’s available capacity. MYAirline strategically launched its operations during the pandemic, benefiting from access to cost-effective aircraft and timing their launch to coincide with the rebound in demand. As a result of their successful operations, the airline is now gearing up to list on the Bursa Malaysia within the next three years. Teo emphasized that as a company with shareholders, listing MYAirline on the stock exchange is part of their future plans. They aim to achieve this milestone once they have the necessary capabilities in place.