KUALA LUMPUR - Malaysia Airlines will be de-listed after
being taken over by the country's state investment fund as part of plans
announced Friday for a "complete overhaul" of the company to rescue
it from oblivion after two crippling air disasters. 
Khazanah Nasional, which owns 70 per cent of the airline,
said it intends to purchase all minority shareholdings - later pulling the
stock from the Kuala Lumpur exchange - and will finalize a restructuring plan
by the end of the month.
The 68-year-old flag carrier has haemorrhaged cash for years
as it struggled to cope with intensifying industry competition, and the double
tragedies of MH370 and MH17 have further pummeled bookings.
Flight MH370 disappeared mysteriously in March with 239
people aboard, en route from Kuala Lumpur to Beijing.
No trace has been found
and the airline was widely criticism for its handling of the crisis.
MAS is burning through an estimated US$2 million (S$2.5
million) a day as a result of its crumbling business and disaster-related
costs, and speculation had been mounting that Khazanah would step in.
Source: AF
On July 17, MH17 was shot down over Ukraine, with another 298 people killed.
MAS is burning through an estimated US$2 million (S$2.5 million) a day as a result of its crumbling business and disaster-related costs, and speculation had been mounting that Khazanah would step in.
- See more at: http://news.asiaone.com/news/malaysia/crisis-hit-malaysia-airlines-faces-complete-overhaul#sthash.BiV4Wwkw.dpuf
MAS is burning through an estimated US$2 million (S$2.5 million) a day as a result of its crumbling business and disaster-related costs, and speculation had been mounting that Khazanah would step in.
- See more at: http://news.asiaone.com/news/malaysia/crisis-hit-malaysia-airlines-faces-complete-overhaul#sthash.BiV4Wwkw.dpuf
KUALA
LUMPUR - Malaysia Airlines will be de-listed after being taken over by
the country's state investment fund as part of plans announced Friday
for a "complete overhaul" of the company to rescue it from oblivion
after two crippling air disasters.
Khazanah Nasional, which owns 70 per cent of the airline, said it intends to purchase all minority shareholdings - later pulling the stock from the Kuala Lumpur exchange - and will finalise a restructuring plan by the end of the month.
The 68-year-old flag carrier has haemorrhaged cash for years as it struggled to cope with intensifying industry competition, and the double tragedies of MH370 and MH17 have further pummelled bookings.
Flight MH370 disappeared mysteriously in March with 239 people aboard, en route from Kuala Lumpur to Beijing. No trace has been found and the airline was widely criticised for its handling of the crisis.
- See more at: http://news.asiaone.com/news/malaysia/crisis-hit-malaysia-airlines-faces-complete-overhaul#sthash.BiV4Wwkw.dpuf
Khazanah Nasional, which owns 70 per cent of the airline, said it intends to purchase all minority shareholdings - later pulling the stock from the Kuala Lumpur exchange - and will finalise a restructuring plan by the end of the month.
The 68-year-old flag carrier has haemorrhaged cash for years as it struggled to cope with intensifying industry competition, and the double tragedies of MH370 and MH17 have further pummelled bookings.
Flight MH370 disappeared mysteriously in March with 239 people aboard, en route from Kuala Lumpur to Beijing. No trace has been found and the airline was widely criticised for its handling of the crisis.
- See more at: http://news.asiaone.com/news/malaysia/crisis-hit-malaysia-airlines-faces-complete-overhaul#sthash.BiV4Wwkw.dpuf
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