A source close to the matter said the new owner, a local entrepreneur, is expected to pump in more funds into the airline which took to the skies last December.

“We had a town hall with the incoming owner, and now they are fine-tuning the details,” the source who spoke on condition of anonymity told FMT Business.

In October last year, it was reported that private firms Zillion Wealth and Trillion Cove Holdings — both owned by local businessman Goh Hwan Hua — have stakes of 88% and 10%, respectively, in the airline.

The remaining 2% share is owned by Rayner Teo, who stood down as CEO earlier today due to health reasons.

Teo and the senior management of the airline were previously with AirAsia, the low-cost carrier owned by Tony Fernandes.

MYAirline, which previously described its business model as “ultra low cost”, is aiming to be listed on Bursa Malaysia in the next three years.

It started off flying domestic routes, beginning with Langkawi, Kuching and Kota Kinabalu.

In June, Bangkok became its international destination, flying to the Suvarnabhumi International Airport and Don Mueang International Airport, both located in the Thai capital.

In the same month, it was reported that it flew over a million passengers.

Earlier, MYAirline said it is in the advanced stages of finalising strategic partnerships “that hold significant promise for the future growth of the airline”.