The plan for Malaysia Airlines to become state owned was rolled out in Kuala Lumpur on Friday.
Khazanah Nasional, which owns a majority stake in the carrier, says Friday it plans to buy out minority shareholders at a premium to the airline’s recent share price. It also plans to roll out a “complete overhaul” of the airline to help the struggling airline.
The first step for the airline to become state owned is by ending trading and buying out the minority shareholders.
Earlier Friday morning, a notice was posted on the Kuala Lumpur stock exchange which said that the airline had requested the suspension as of 9 a.m. Friday “pending a material announcement.” The announcement, of course, was that Malaysia Airlines will become state owned and restructured.