Malaysia Airlines to Get Major Overhaul

KUALA LUMPUR, Malaysia — Malaysia's state investment company said Friday it plans to make Malaysia Airlines fully government owned, removing it from the country's stock exchange before carrying out an overhaul of the carrier that is reeling from double disasters.

Khazanah Nasional, which owns 69% of Malaysia Airlines, said it has proposed to the carrier's board that it buy out minority shareholders at 27 sen (8 cents) a share, which is 29% higher than the airline's average share price over the previous three months. The takeover would cost 1.38 billion ringgit ($429 million).

See also: 2 Tragedies in Under 5 Months. Where Does That Leave Malaysia Airlines? Read more...

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