Khazanah, which owns 69.37 percent of MAS, will undertake a comprehensive review and restructuring of the airline, which has suffered two jetliner disasters this year, MAS said in a statement after announcing the suspension of its shares.
The move to de-list MAS from the Malaysian stock exchange is due to the airline's unfavourable financial performance, having recorded a net loss for the past three years, it said.
Khazanah said in a statement that its proposed "complete overhaul" of Malaysia Airlines (MAS) will take six to 12 months after it has secured approval from shareholders.
Khazanah said its nearly 1.4 billion ringgit offer to take MAS private, announced on Friday, is the first stage of the restructuring scheme. Its full proposal will be announced by the end of the month.
Khazanah said it will need cooperation from all parties to undertake the restructuring, covering the airline's operations, business model, finances, staff and the regulatory environment.
"Nothing less will be required in order to revive our national airline to be profitable as a commercial entity, and to service its function as a critical national development entity," it said. - Reuters