Malaysia Airlines suspended its shares from the country's stock exchange Monday under a government rescue plan for the flag carrier which is fighting for survival after losing two planes this year.
The airline, whose already loss-making operations took a further beating after the two tragedies, said in a notice to the Kuala Lumpur stock exchange last week that trading would be suspended from Monday.
A Malaysia Airlines spokesperson confirmed the stock ceased trading.
Under a plan announced in August, state investment fund Khazanah Nasional, which already owned around 70 percent of the carrier, is acquiring all remaining shares, de-listing the stock, and taking the company private to deal with its problems.
Malaysia Airlines has chalked up losses for years even before this year's disasters involving flights MH370 and MH17, in which a total of 537 lives were lost.
Khazanah's plans include pumping $1.73 billion into the airline, cutting 6,000 jobs -- or 30 percent of its workforce -- and trimming its route network.
Earlier this month it tapped the head of Irish flag carrier Aer Lingus, Christoph Mueller, to take over in the middle of next year as CEO.
Mueller, who is German, initiated an Aer Lingus turnaround strategy that involved hefty job cuts.
Malaysia Airlines has struggled for years, with analysts blaming poor management, unwise business decisions and government meddling.
MH370, carrying 239 people, disappeared in March after inexplicably diverting from its Kuala Lumpur-Beijing course. No trace of the aircraft has been found.
MH17 went down in July in rebellion-torn eastern Ukraine -- believed to have been hit by a surface-to-air missile -- killing all 298 aboard.
AFP
Mon Dec 15 2014
Khazanah's plans include pumping $1.73 billion into the airline, cutting 6,000 jobs -- or 30 percent of its workforce -- and trimming its route network. - File Photo
Poliklinik ATM pertama di Pahang beroperasi tahun depan
Sebuah poliklinik Angkatan Tentera Malaysia (ATM) yang pertama di negeri ini bakal beroperasi tahun depan berhampiran Kem Batu 10 di sini, yang akan memanfaatkan 16,000 anggota termasuk keluarga.
AWANI Tonight: India election enters fourth phase, 177 mil set to vote
The fourth phase of India’s seven-week-long election is currently underway, with more than 177 million voters eligible to vote across 96 constituencies.
AWANI Tonight: KKB by-election - Analysing voting patterns, low youth turnout
Political analyst from Ilham Centre, Mujibu Abd Muis sheds light on the voting patterns of the recent Kuala Kubu Bahru (KKB) by-election, which saw a low voter turnout among the youth.
AWANI Tonight: Online booking for Mt. Fuji trail to be introduced
Japan will launch an online booking system for Mount Fuji’s most popular trail in a bid to tackle over tourism on the active volcano, as well as limiting the number of daily hikers to 4,000.
Ping pong B-19, B-15 lelaki cipta sejarah ungguli Kejohanan Remaja SEA 2024
Pada aksi final yang berlangsung di Arena Tan Sri Hamzah itu, menyaksikan skuad negara menewaskan Vietnam 3-0.
AWANI Ringkas: Tiga kereta, lima motosikal dihempap pokok
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
AWANI 7:45 [13/05/2024] – Kereta, motosikal dihempap pokok | Lindungi industri pelancongan tempatan | Hati-hati iklan haji palsu | Rai jaringan gaya Faisal Halim
Laporan berita padat dan ringkas #AWANI745 bersama Jasmine Abu Bakar
Tumpuan #AWANI745 malam ini:
- Kejadian pokok tumbang dipukul ribut menjadi-jadi, apa tindakan pihak berkuasa?
- Apa status wakil rakyat Bersatu sokong PM? Kekal atau kosong kerusi?
- Liga baru bermula, tapi JDT terus kuasai Asia Tenggara
- Serangan Zionis di Gaza keterlaluan, tegas Setiausaha Negara Amerika
Saksikan #AWANI745 di saluran 501 Astro AWANI, Astro AWANI apps dan astroawani.com/live-tv
Tumpuan #AWANI745 malam ini:
- Kejadian pokok tumbang dipukul ribut menjadi-jadi, apa tindakan pihak berkuasa?
- Apa status wakil rakyat Bersatu sokong PM? Kekal atau kosong kerusi?
- Liga baru bermula, tapi JDT terus kuasai Asia Tenggara
- Serangan Zionis di Gaza keterlaluan, tegas Setiausaha Negara Amerika
Saksikan #AWANI745 di saluran 501 Astro AWANI, Astro AWANI apps dan astroawani.com/live-tv
MAHB lantik Nungsari sebagai pengerusi, Zainun sebagai pengarah
Dalam kenyataan hari ini, MAHB berkata Nungsari mempunyai pengalaman luas dalam industri penerbangan.
JKDM patahkan cubaan seludup keluar diesel lebih RM4,000 ke negara jiran
JKDM Perlis berjaya mematahkan cubaan menyeludup 2,001 liter minyak diesel dianggarkan bernilai RM4,302.15 ke negara jiran dalam tiga rampasan berasingan pada 24 April lepas.
Pertemuan penuh makna ibu bapa-anak di Madinah
Seorang anak yang bersyukur dapat bertemu ibu bapanya, jemaah haji Malaysia bagi musim tahun ini menganggap pertemuan mereka di Madinah sebagai sesuatu yang penuh bermakna apabila setahun tidak berjumpa di Malaysia.
COVID-19: British Airways laksana penstrukturan semula, 12,000 bakal hilang kerja
Sekurang-kurangnya 12,000 pekerjaan milik syarikat penerbangan, British Airways (BA) berisiko hilang susulan kemerosotan permintaan mendadak bagi perjalanan udara akibat krisis penularan COVID-19.