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PROFILE

PMB was incorporated in July 2002 as a wholly owned subsidiary of the Minister of Finance Inc. following the Widespread Asset Unbundling (WAU) restructuring of Malaysia Airlines. It commenced operations on 16th August 2002 with the appointment of Y.Bhg. Dato' Gumuri Hussain as Managing Director/Chief Executive Officer.

As a result of Malaysia Airlines’ restructuring in November 2002, PMB acquired the economic interest in all of the aircraft owned by MAS and is leasing them back to Malaysia Airlines; and takes over the ownership of the domestic operations. However, Malaysia Airlines continues to operate the domestic operations on behalf of PMB.

In addition, PMB has taken over the long-term liabilities of Malaysia Airlines and presently holds 69.34% of the issued paid up capital of Malaysia Airlines. PMB is currently a wholly owned subsidiary of Khazanah Nasional Berhad.

The restructuring exercise marks a turning point in the airline's history and has been described by analysts as a unique development in the industry, at least in Asia, creating the first 'asset-light' national carrier in the region. The WAU restructuring exercise which also created the existence of PMB, was awarded the Asian Corporate Finance Deal of the Year by Air Finance Journal in 2003.

The core businesses of PMB include amongst others, the acquisition, sale and leasing of aircraft and aircraft engines, investment holding and ownership of the domestic airline business.

Other than Malaysia Airlines, Aircraft Business Malaysia Sdn Bhd is also a subsidiary of PMB which concentrates in the acquisition, leasing, charter and sale of aircraft and aircraft engines.