PETALING JAYA: Rayani Air Chief Executive Officer Ravi Alagendrran is willing to give up a part of his shares to ensure that the airline continues to grow and remain relevant in the airline industry, MStar Online reported today.
Ravi said lack of funding was one of the main factors that caused the airline’s pilots to go on strike. He explained, however, that he had built the company alongside his wife Karthiyani Govindan, and was not willing to sell the airline completely.
“I’m not selling it entirely, but I will let the investors help the company grow.
“Any party that wants to invest and improve the company, we are ready (to let go of some shares),” he told The Star Online at his office in Shah Alam.
“I own Rayani Air and all 100% shares of it, but we are ready to let go some of it.
“My wife and the staff of Rayani Air love this company. We want it to continue growing and stay relevant,” he said.
According to Ravi, four investors – three of them local – had offered to buy the shares.
He added that all four investors had made an offer for at least 51% of the company’s shares.
“We are ready to let go. However, we need to make sure that the new investor will help the company grow.”
He explained that the first step would be to settle the company’s debts and pay the workers’ salaries.
“We will carry out restructuring to ensure more efficient operations and management. We will implement this matter before the development plan,” he said.
Previously, Ravi accepted a three-month suspension by the Department of Civil Aviation after the company ran into problems. Ravi had admitted that the airline faced financial difficulties which had then affected operations.