Airline to halt share trading next Friday
Print Edition
MALAYSIA Airlines said its shares will be suspended from the country’s stock exchange on December 15 under a government plan to rescue the beleaguered carrier after two devastating aviation tragedies this year.
The national flag carrier, whose loss of both flight MH370 and MH17 compounded years of hefty losses, said the stock’s final day of trading would be next Friday, followed three days later by the full suspension.
The airline made the announcement in a filing with Kuala Lumpur’s stock exchange late on Thursday.
State investment fund Khazanah Nasional, which owns around 70 percent of the carrier, plans to acquire all remaining shares and take the carrier private.
Khazanah has already announced restructuring plans, which include pumping 6 billion ringgit (US$1.73 billion) into the airline, slashing 6,000 jobs, or 30 percent of its workforce, trimming its route network and replacing its chief executive.
The airline has been kept aloft for years by public funds while losing money, with analysts blaming poor management, unwise business decisions and government meddling.
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