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Malaysia Airlines to go private

3 years ago31 views

reuters

Reuters

ROUGH CUT (NO REPORTER NARRATION)

STORY: Malaysia's state investment fund will pay 1.4 billion ringgit ($435.73 million) to take troubled Malaysian Airline System (MAS) private, the airline said on Friday (August 8) , paving the way for a "complete overhaul" of its loss-making operations following two devastating jetliner disasters this year.

Khazanah Nasional will offer 27 sen for each share in the company it does not own, amounting to 1.38 billion ringgit, a 12.5 percent premium to the closing share price on Thursday (August 7) , MAS said in a statement after suspending its shares.

The move had been expected after the national carrier lost two airplanes this year, sparking a slump in bookings that has hurt its already struggling operations amid intense competition from budget Asian airlines.

Khazanah, which owns 69.37 percent of MAS, said it expected to give more details of the planned restructuring by the end of August after it had secured approval from share