A purchase bid for Malaysia Airlines has been proposed by the country’s government, in an effort to revive the carrier as a ‘profitable commercial entity.’
Khazanah, the strategic investment fund of the government of Malaysia, announced the proposal on Aug. 8, which would result in a delisting of MAS’ shares and Khazanah becoming the airline’s sole shareholder.
A brief statement from Malaysia Airlines that morning said simply that the company had received the proposal and that it was being deliberated by MAS’ board of directors.
In a press statement, Khazanah said that the proposal comes following a comprehensive review of MAS earlier this year, adding that the proposed restructuring of the airline would be a ‘complete overhaul’ of MAS’ ‘operations, business model, finances, human capital and regulatory environment.’
Pending final approval of the sale from involved parties, detailed plans of the restructuring are expected by the end of the month, said the statement.
The proposal comes following several tragic months for MAS. In March, Flight 370, carrying 239 people from Kuala Lampur to Beijing, disappeared from radar over the Indian Ocean and remains missing. In July, Flight 17 was shot down over Ukraine, killing all 298 people on board.