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Aviation

Malaysia Airlines set for 'complete overhaul'

Malaysia Airlines is planning to take its struggling stock off the exchange and become fully state-owned. The troubled air carrier has suffered two high-profile and unprecedented incidents this year.

Malaysia's state investment company Khazanah Nasional, which owns a majority stake in the carrier, said Friday it would purchase all minority shares in the flag carrier. The move is part of what Khazanah calls a "complete overhaul" to be finalized by the end of the month.

The airline had earlier suspended trading in its shares ahead of the announcement.

The airline was already in serious financial trouble before the two major incidents it suffered this year.

Flight MH370 disappeared with 239 people on board in March while en route from Kuala Lumpur to Beijing. The plane is believed to have crashed somewhere in the southern Indian ocean, but no wreckage has so far been found. A search remains underway.

Last month, Flight MH17 was downed in an apparent surface-to-air missile attack over eastern Ukraine, where government forces are fighting pro-Russian separatists. All 298 people on board were killed.

dr/av (AP, AFP, Reuters)

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