Rayani Air, the troubled “Syariah-compliant” airline that launched last December – and got grounded for three months beginning last week – is in dire straits, to the point where the company’s CEO is willing to offload some of his shares in return for a fresh injection of investments.
Rayani Air CEO Ravi Alagendrran has stated that he is open to part with a portion of his personal share in the fledgling carrier to new investors so that the airline can continue to grow and remain relevant in the commercial aviation industry.
However, Algendrran stressed to mStar that the offer of his shares does not mean that he is looking to sell the airline outright.
“I’m not trying to sell (Rayani Air) completely, but I am looking for new investors to help grow the company,” he said.
“To anyone who is interested in injecting funds and expand the company, we are prepared to transfer some of our shares.”
Algendrran also maintains that he’s not throing in the towel on the airline, despite its controversially rocky start.
“I’m the sole owner of Rayani Air, and currently hold 100% of the company’s stocks, but we’re prepared to let go of some shares.
“My wife (Karthiyani Govindan) and I, along with the Rayani Air staff, love the company. We want it to expand and remain relevant.”
Last week, the Department of Civil Aviation slapped Rayani Air with a three-month suspension on its operations, following an acrimonious strike held by the airline’s pilots that caused several flight cancellations and subsequent refunds to stranded passengers.
Rayani Air was hailed as the world’s fourth “Syariah-compliant” airline, after Royal Brunei Airlines, Saudi Arabian Airlines, and Iran Air. It is also the first airline of its kind to be based in Malaysia.
