KUALA LUMPUR (Aug 28): Shares in Malaysia Airlines (MAS) will be suspended on Friday ahead of the announcement of its planned restructuring by a state investment fund, a source with knowledge of the plans told Reuters.
The shares are expected to be suspended for the full day, with details of the restructuring likely to be announced by state fund Khazanah Nasional and MAS in the afternoon, the source said.
About a quarter of the carrier's nearly 20,000 staff may see their jobs cut in the overhaul, with some international routes set to be abandoned as new management is brought in, according to the same source.
The carrier is due to announce its second-quarter earnings later on Thursday, which are expected to show deep losses as passenger bookings tumbled in response to the unexplained disappearance of Flight MH370 in March.
The carrier was hit by a second tragedy in July with the shooting down of Flight MH17, prompting the Malaysian government to speed up plans to take it private.
Written by Reuters
No comments:
Post a Comment