Malaysian ultra-low-cost startup MYAirline (MYM, Kuala Lumpur Int'l) has received conditional approval for an Air Service License (ASL) from the Malaysian Aviation Commission (MAVCOM), the regulator announced.

The license has been conditionally approved for 12 months, effective from January 1, 2022, to December 31, 2022.

According to Asian financial service provider, CGS-CIMB Research, MYAirline is looking to operate two leased A320s. In a report, it disclosed "credible information that a new ultra-low-cost carrier (ULCC) airline is currently in the process of seeking regulatory approval to set up in Malaysia, having signed deals to lease two A320s at cheap leasing rates". CGS-CIMB analysts predicted the newcomer could be a derating catalyst for AirAsia shares. AirAsia Group encountered stock exchange turbulence after Bursa Malaysia dismissed its application to extend a relief period that prevented it from being classified as a company in financial distress.

Meanwhile, according to documents filed with the Companies Commission of Malaysia (SSM), MYAirline was incorporated on January 11, 2021, and changed its legal name to Z9 Elite Sdn. Bhd. on October 28, 2021. It was registered with a paid-up capital of MYR2 million ringgit (USD478,000), equal to two million shares at MYR1 per share.

The shareholders are listed as Zillion Wealth Bhd (88%), Trillion Cove Holdings Bhd (10%), and Rayner Teo Kheng Hock (2%). Its directors include three aviation industry heavy-weights:

  • Malaysia Airports Holding Company former Chief Operating Officer, Abd Hamid Mohd Ali;
  • Malaysian Civil Aviation Department (DCA) former Director-General and Civil Aviation Authority Malaysia (CAAM) former chairman, Azharuddin Abdul Rahman; and
  • AirAsia former Group Head of Sales, Rayner Teo Kheng Hock.

Other directors are:

  • Trillion Cove chief executive and director Dato Goh Hwan Hua - an entrepreneur with more than 20 years of experience in managing information technology and related business in Malaysia, Thailand, Singapore, and Indonesia. He is credited with "having founded and built many multi-million to billion-ringgit companies dealing with e-commerce, online businesses, e-ticketing, fintech, retail, and tourism". Dato Goh is listed as a shareholder of Zillion Wealth and Trillion Cove, bringing his stake in MYAirline to 98%.
  • Trillion Cove director Jothi Prakash Murugan - has 22-years' experience in research and development, IT management, and software development.