Malaysia’s sovereign wealth fund announced today (Friday) that it plans to take malaysia airlines off the stock market in a bid to restructure the troubled airline.
Malaysian state investor Khazanah Nasional owns nearly 70 percent of the airline.
It said it submitted a proposal to the airline’s board of directors to delist the company.
Under the plan, minority shareholders will be bought out for a 12-and-a-half percent premium from thursday’s closing price.
Shares were suspended on Friday.
Khazanah said delisting is the first step in a restructuring process to overhaul Malaysia’s national air carrier.
The fund said that more details will be announced by the end of the month.
Malaysia airlines was in big financial trouble before the twin disasters of flight 370 and flight 17 claimed the lives of 537 people.
It hadn’t turned a profit in years, efforts to compete with low-cost carriers had failed, and the need for yet another government bailout was growing.