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Trading in Malaysia Airlines (MAS) shares was suspended Friday ahead of an expected announcement about a radical overhaul of the troubled airline.
Trading in the shares at the Malaysian stock exchange was halted “pending a material announcement ... in relation to the details of a proposed restructuring of MAS,” the company said in a statement.
On Thursday, MAS reported a massive loss of 238.22 million dollars in the first six months of the year, due to high fuel costs and the adverse effect of two air tragedies that hit the airline within the span of five months.
Prime Minister Najib Razak’s government was reported to have approved the restructuring, following a meeting with officials of state sovereign fund Khazanah Nasional Berhad, which plans to take full ownership of the airline.
Ahmad Jauhari Yahya, chief executive officer of MAS, said the financial difficulties for the airline were expected to worsen in the second half of the year.
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