Khazanah Nasional Bhd, the sovereign wealth fund of the government of Malaysia that owns Malaysia Airlines (MH, Kuala Lumpur International) parent Malaysia Aviation Group, is not fully convinced by privately held Golden Skies Ventures’ USD2.53 billion offer to fully acquire the carrier despite the latter's claim of financial support from an unnamed European bank.

The fund's scepticism is fuelled by Golden Skies' reluctance thus far to prove its sources of funding, Khazanah managing director Datuk Shahril Ridza Ridzuan told the New Straits Times. Until it does, the fund will remain “cautious” as to whether the offer was made with any financial backing at all, given the global crisis and credit risk aversion.

“Plus their original proposal relied 100% on debt funding from third parties. They do not have any equity of their own,” he added.

As previously reported, Golden Skies Ventures offered a capital injection of MYR11 billion ringgit (USD2.53 billion), including taking on most of the airline’s debt held by the government in outstanding sukuks, or Islamic bonds. It claimed it would take up to four months to obtain long-term financing.

Besides being bolstered with alleged support from a European bank, the company said it was also in talks with other foreign banks and private equity firms for further funding.