KUALA LUMPUR, Oct 16 — Transport Minister Anthony Loke today said that MYAirline’s operating licence will be suspended by the authorities.

According to English daily The Star, the Civil Aviation Authority of Malaysia (CAAM) is expected to announce the matter later today.

"The company still exists, it is suspending operations while looking for investors.

"It’s a commercial issue but from the side of the authorities, we will be suspending their licence temporarily,” Loke was quoted as saying.

Loke also reportedly said that both MYAirline and CAAM will give statements regarding the issue today.

MYAirline recently had its air operator’s certificate (AOC) extended by CAAM after it expired on September 30.

However, MYAirline’s air service licence (ASL) from the Malaysian Aviation Commission (Mavcom) will expire on November 14 this year.

On October 12, MYAirline suspended all of its operations citing financial pressures as the reason for the abrupt suspension taking immediate effect until further notice.

The company said the suspension was needed due to pending shareholder restructuring and recapitalisation for its future stability.

Affected passengers were told not to head to the airport and to find alternative travel plans for their destinations.