News / Economy

Malaysia Airlines Faces State Takeover

FILE - Children look at Malaysia Airlines Boeing 737-800 aircrafts parked at Kuala Lumpur International Airport.
FILE - Children look at Malaysia Airlines Boeing 737-800 aircrafts parked at Kuala Lumpur International Airport.
VOA News

Malaysia's state investment fund says it will pay nearly $436 million to take over troubled Malaysia Airlines, which lost two passenger jets this year.

Khazanah Nasional announced plans to restructure the airline after the carrier suspended trade in its stock Friday morning.

Khazanah, which already owns around 69 percent of Malaysia Airlines, says this will be the first step of a complete overhaul of the carrier.

Aviation industry analysts have said the struggling airline needs new investors and a substantial restructuring of its business.

On top of long-standing financial problems, the airline suffered two major disasters this year. 

In March, Flight 370 carrying 239 people disappeared over the Indian Ocean and has still not been found. In July, 298 people were killed when Flight 17 was shot down over Ukraine in an area controlled by pro-Russian rebels.

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Comments
     
by: Frankie Fook-lun Leung from: Los Angeles
August 08, 2014 6:57 PM
Malaysia has to reform the whole country. Choosing the airline for nationalization will not improve it. Old wine in new bottle. The bottle is new but still the broken one.

by: Frankie Fook-lun Leung from: Los Angeles
August 08, 2014 1:59 PM
After it becomes nationalized, I can guarantee that it will be worst than what it is. Look at all those flag-bearing airliness, which one makes money? Look at Air Asia, Cathay Pacific, Ryanair by contrast. Margaret Thatcher was right. She de-nationized or privatize those state-operated industries, the economy improved. Nationalization is a kiss of death. Fast.

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