Malaysia Airlines has been delisted from the stock market, and taken over by the country’s government to be rebranded, it was reported on Friday.
The Malaysian government is expected to spend $436 million to buy out stakeholders of the loss-making carrier, Reuters reported.
State investment fund Khazanah Nasional was quoted as saying by Reuters that it would need cooperation from all parties to undertake a complete overhaul of the airline.
“Nothing less will be required in order to revive our national airline to be profitable as a commercial entity, and to service its function as a critical national development entity,” it was quoted as saying.
Malaysia Airline suffered a double tragedy this year when one plane went missing en route from Kuala Lumpur to Beijing in April, and another was shot down over Eastern Ukraine after taking off from Amsterdam in July.