Looks like MAS is in another phase of rebranding.
This is the new info on the new livery:
"The new livery comprises of upsized, bold malaysiairlines in navy blue near door L1, with the wau bulan in complete navy blue at tail. The cheatlines are gone, replaced with two strokes of wavy-like ala CX's white paint-brush stroke, but inverted. MH's two strokes of waves covers the back of plane like a ribbon wrapping around it."

Details of the new livery are as follows:

- The official unveiling date was informed to be on 18 March 2012. MH is expected to make a huge announcement on that date especially with regards to its new corporate structure.

- The new livery is to mark the split of the current MH into 2 separate entities - the longhaul entity which will be known as Malaysia Airlines and a new shorthaul entity operating a fleet of B738 previously known as "Sapphire" then renamed to "MAS" then renamed to "yet to be named".

- Sapphire/MAS/yet to be named short haul entity of MH will have the same newer livery, but in red colour.

- The split of the current MH is caused by the share swap between MH and AK which saw AK's Tony Fernandes sits on MH's Board of Directors and the latest turnaround plan which peaked earlier this week when MH announced a full year 2011 loss of MYR 2.5 billion or USD 780 million, the biggest ever in MH's corporate history.

On another site the livery has been leaked by MAS itself, it reminds me of Garuda's livery
Here's the livery on one of their A380 ads: