The minister in the Prime Minister’s Department was asked if the government should pull out of the airline industry, at the Global Malaysia Series that also featured Air Asia chief executive officer Tan Sri Tony Fernandez.   ”I think they should have sold when I was there,” he said, drawing laughter and applause from the crowd. ”Because, when I went to Malaysia Airlines the share price was RM3 and it went to RM6.20." Idris Jala was Mas' chief operating officer from December 1, 2005 to August 31, 2009. ”That’s when they should have sold it,” he said at the event held at the Securities Commission headquarters here. Idris Jala is touted as the architect behind the turnaround of the ailing airline following his appointment by the government in 2005. During his tenure, MAS went from a loss of RM1.3 billion in the year he joined to booking a profit of RM850 million two years later. He then left to join Prime Minister Datuk Seri Najib Razak’s Cabinet in 2009 and was put in charge of the Performance Management and Delivery Unit. But MAS’s dive in fortunes shortly after his departure led to questions over the sustainability of the turnaround plan implemented by Jala, with some claiming the revival did not go far beyond unbundling the airline’s assets. In 2011, MAS also went through a share swap with rival AirAsia but this was later reversed following complaints by politicians. MAS shares closed unchanged at 31 sen at midday break today.

"I think we should [sell] but what the government should do is that we should not sell it at a loss.

"So if you want to sell it, it must be at the right price because there is public money involved as well as it is a public-listed company.

"So there should be no fire sale, and there must be a right time," the Pemandu chief told the audience here.

Malaysian government arm and holding company, Khazanah NAsional's subsidiary, Pernerbangan Malaysia Berhad is the majority shareholder with a 52 percent stake.

Khazanah Nasional meanwhile, is the second-largest shareholder after its subsidiary at 17.33 per cent of the shares.

"I think over time, my view is that Malaysian government should get rid of a lot of its stakes in those where it shouldn't be involved," Idris said.

The minister said the government should only be involved in the defence industry, building large infrastructure as well as in research and development for technologies.