Troubled Malaysia Airlines to be removed from stock market
Malaysia Airlines (MAS) will be removed from the stock market, after being hit by two tragedies in the past few months.
The carrier suspended its shares on Monday before announcing it would be removed from the stock market. Malaysia Airlines is listed on the stock exchange of under the name Malaysian Airline System Berhad.
It follows the disappearance of its Flight MH370 in March and the downing of its Flight MH17 in Ukraine in July, killing all 298 people on board.
Malaysian government investment fund Khazanah Nasional announced on Friday it intends to buy out minority shareholders at a premium to the airline's recent share price.
Khazanah will offer 27 Malaysian sen for each share in the company it does not own, amounting to nearly 1.4bn ringgit to take the airline private.
The Malaysian fund already owns 69.4% of the carrier, and will then become the sole ordinary shareholder of MAS and lead the airline to a de-listing.
Khazanah will carry out an overhaul on the airline.
In a statement, it said the restructuring will "require all parties to work closely together" and will renovate the airline's operations, business model, finances, human capital and regulatory environment.
Malaysia Airlines responded on Friday: "Our board of directors will be deliberating this proposal and an official response from the company will be issued later. During this period, our business operations remains unchanged."
JF