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DEEPLY TROUBLED MALAYSIA Airlines will be de-listed and taken private ahead of a major restructuring following the double disasters of MH370 and MH17, under a proposal announced Friday by its majority shareholder.
State investment vehicle Khazanah Nasional, which owns 70 percent of the flag-carrier, said it would purchase all minority shares and finalise a restructuring plan by the end of the month.
Take over imminent?
The move confirmed growing speculation that Khazanah planned to completely take over Malaysia Airlines to strengthen its hand in addressing the free-falling carrier’s mounting problems.
Khazanah said all stakeholders will need to work together to save the company via a “complete overhaul of the national carrier on all relevant aspects … (including) the airline’s operations, business model, finances, human capital and regulatory environment.”
Nothing less will be required in order to revive our national airline to be profitable as a commercial entity and to serve its function as a critical national development entity.
Malaysia Airlines has reeled from years of financial losses and its survival is now seen as in peril following this year’s air catastrophes.
The disappearing flight
Flight MH370 disappeared mysteriously in March with 239 people aboard, en route from Kuala Lumpur to Beijing. No trace has been found and the airline was widely criticised for its handling of the crisis.
On July 17, MH17 was shot down over Ukraine, with another 298 people killed.
Though it formerly had a solid safety reputation, the carrier’s association with tragedy has pummelled bookings, and analysts said it is burning through its cash reserves at a rate of around $2 million per day as it struggles to survive.
It lost 4.1 billion ringgit ($1.3 billion) from 2011-13, and a further 443 million ringgit in the first quarter of this year, blaming MH370′s “dramatic impact” on bookings.
Earlier today, Malaysia Airlines had its shares suspended on the Kuala Lumpur stock exchange ahead of the Khazanah statement.
The company is expected to unveil its second-quarter earnings in mid-August.
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Probably the worlds safest airline at the moment. What are the odds of them losing a third plane?
They said that about the first plane.
I wouldn’t put a pass if another one would fall out of the sky… and people would still believe in it just like the second one….
Adolph Hitler once said…“If you tell a big enough lie and tell it frequently enough, it will be believed.”
I think that was his main man Goebels but your point still stands!
Hitler did not utter those words, publicly or in his book Mein Kampf. You are confusing this with a lengthier piece he wrote when explaining the idea behind The Big Lie, something he accused the jews of propagating. As Terry has indicated, Goebels has been quoted as saying something similar to this.
The Internet is packed with websites wrongly attributing this quote directly to Adolf Hitler. But then, that’s why it’s a mistake to believe every source of information you find on the Internet.
Something you seem to do very regularly, Frank (Ablitive).
Details, Frank… little details, sometimes they count big.
Oh, and Frank, didn’t you already tell us MH370 was flown to Tel Aviv or Diego Garcia months ago, part of a false flag op? So according to you that one didn’t fall out of the sky.
Back in March I posted Christopher Bollan’s article on MH370.
http://www.bollyn.com/are-the-israelis-planning-another-9-11-using-the-missing-777/
Both disasters have all but vanished from the airwaves in a similar fashion to the airline that crashed into the Pentagon the one that was never found
It was found, just in little pieces.
Loremolis are you referring to the aircraft into the Pentagon it’s the first I have heard it’s been found
have your say