The ownership provisions require that an applicant for air services licence/permit, aerodrome operator licence and ground handling lincece shall only be made by a Malaysian or a person under the direct or indirect control of a Malaysian. This implies that foreign people cannot take majority of the total equity of the air carrier company.
"Part VI - LICENSING AND CHARGES
Air service licence
35. (1) No person shall undertake to carry by air or use any aircraft for the carriage of passengers, mail or cargo for hire or reward on a scheduled journey between two or more places of which at least one place is in Malaysia except under and in accordance with an air service licence granted by the Commission.
(2) Subsection (1) shall not apply to a person who is permitted to operate a scheduled journey to or from a place in Malaysia under the terms of any agreement or arrangement entered into by the Government.
[...]
Air service permit
36. (1) No person shall undertake to carry by air or use any aircraft for the carriage of passengers, mail or cargo for hire or reward on a non-scheduled journey between two or more places of which at least one place is in Malaysia except under and under an air service permit granted by the Commission.
(2) Subsection (1) shall not apply to a person who is permitted to operate a non-scheduled journey to or from a place in Malaysia under the terms of any agreement or arrangement entered into by the Government. 
[...]
Ground handling licence
37. (1) No person shall undertake any of the ground handling services in Malaysia as specified in the Second Schedule except under and in accordance with the licence granted by the Commission.
(2) No person shall engage any ground handling operator unless the operator is licensed under this Act. 
[...]
Aerodrome operator licence
38. (1) No person shall operate an aerodrome in Malaysia for the take-off and landing of any aircraft engaged in the carriage of passengers, mail or cargo for hire or reward except under and in accordance with a licence granted by the Commission. 
[...] 
Application for licence or permit
39. (1) An applicant for a licence or permit under this Act shall submit an application in the form and manner together with such documents and information as may be determined by the Commission. 
[...]
Power to impose conditions
40. (1) Subject to this Act, the Commission may attach to a licence or permit issued under this Part such conditions as it may think fit, and in particular, any condition which the Commission considers desirable for public interest, in the interest of safety, security and facilitation, or in order to prevent uneconomic competition;
(2) The Commission may, at any time in its discretion, add, cancel or vary any of the conditions attached to a licence or permit under this section. [...]" (Malaysia Aviation Commission Act 2015 [Act 771])
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"Air Service License [...]
1.2	Eligibility
Applicants seeking an ASL to operate scheduled services are required to demonstrate that they can comply with the requirements of the relevant international air services agreement and/or arrangement between Malaysia and the country/countries to which the applicants wish to fly into. 
The ownership provisions require that an ASL shall be under the control of a Malaysian person at all times. A person shall be deemed to have control over the ASL if -
(a)	such person has an interest of more than fifty per cent ("50%") of the shares in the ASL; and
(b)	If such person – 
(i)	has the power to elect, appoint, remove or prevent from election, appointment or removal, or cause to be elected, appointed, removed or prevented from being elected, appointed removed, a majority of the directors of the ASL; or
(ii)	has the power to make or cause decisions to be made in respect to the business or administration of the other person, and to give effect to such decisions or cause them to be given effect to; or	
(iii)	is a person in accordance with whose directions, instructions or wishes the directors, chief executive officer or senior officers of the other person are accustomed or under obligation, whether formal or informal, to act.
Notwithstanding the above, the Commission may deem a person to have control over the ASL otherwise than in para above having regard and satisfied that there are cogent justifications for doing so.
For the avoidance of doubt, a "person" in this context includes anybody of persons, corporate or unincorporated.
The ASL-holder shall always maintain its principal place of business in Malaysia. For the avoidance of doubt, "principal place of business" means the head office or the registered office of within which the principal financial functions and operational control, including the continued airworthiness management of are exercised.[...]" (Malaysia Aviation Commission, ASL Application Form)
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"Air Service Permit [...]
1.2	Eligibility
Applicants seeking an ASP to operate non-scheduled services are required to demonstrate that they can comply with the requirements of the relevant international air services agreement and/or arrangement between Malaysia and the country/countries to which the applicants wish to fly into. 
The ownership provisions require that an ASP shall be under the control of a Malaysian person at all times. A person shall be deemed to have control over the ASP if -
(a)	such person has an interest of more than fifty per cent ("50%") of the shares in the ASP; and
[rest is similar to required for ASL - see above] [...]" (Malaysia Aviation Commission, ASP Application Form)
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"Aerodrome Operator Licence 
1)	Introduction
1.1	General
Any person who intends to operate an aerodrome in Malaysia for take-off and landing of any aircraft engaged in the carriage of passengers, mail or cargo for hire or reward shall apply for an Aerodrome Operator Licence ("AOL") by submitting an application to the Malaysian Aviation Commission ("MAVCOM"). 
For a new AOL application, MAVCOM will first conduct an economic evaluation of the application. Upon a satisfactory conclusion that the applicant has fulfilled all criteria and requirements, a Conditional Approval ("CA") will be issued to the applicant. The CA is to allow the applicant to apply for an Aerodrome Certificate ("AC") with the Civil Aviation Authority of Malaysia ("CAAM") and shall not be deemed as an approval to commence operations. An AOL will only be issued to the applicant after a valid AC is issued by the CAAM. The applicant is only permitted to commence operations after a valid AOL and AC is issued. [...]" (Malaysia Aviation Commission, AOL Application Form)
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"Applying for an Aerodrome Operator Licence (AOL)
Any person looking to apply for an AOL should fill in and submit this form to MAVCOM via the AeroLicence portal, along with all relevant information listed in Attachment C of the AOL application form. Applications are assessed by MAVCOM based on a range of criteria, including but not limited to the following:
whether the applicant is a company incorporated in Malaysia and is directly under the control of a Malaysian company as well as the ownership structure of the applicant; [...]" (Malaysia Aviation Commission, "Aerodrome Operator Licence", website content)
---------------------------------
"Ground Handling Licence [...]
1.2	Eligibility
The ownership provisions require that a GHL shall be under the control of a Malaysian person at all times. A person shall be deemed to have control over the GHL if -
(a)	such person has an interest of more than fifty per cent ("50%") of the shares in the GHL; and
[rest is similar to required for ASL - see above] [...]" (Malaysia Aviation Commission, GHL Application Form)
Malaysia Aviation Commission Act 2015 [Act 771]
Malaysia Aviation Commission, Air Service Licence Application Form
Malaysia Aviation Commission, Air Service Permit Application Form
Malaysia Aviation Commission, AOL Application Form
Malaysia Aviation Commission, "Aerodrome Operator Licence", website content
[<a href="https://www.mavcom.my/wp-content/uploads/2016/02/MAC-Act-2015-English.pdf">Act</a>],[<a href="https://www.mavcom.my/en/industry/air-service-licence/">Form</a>],[<a href="https://www.mavcom.my/en/industry/air-service-permit/">Form</a>],[<a href="https://www.mavcom.my/en/industry/aerodrome-operator-licence/">Form</a>],[<a href="https://www.mavcom.my/en/industry/aerodrome-operator-licence/">Website</a>],[<a href="https://www.mavcom.my/en/industry/ground-handling-licence/">Form</a>]