Najib: Government To Come Up With Restructuring Plan For MAS By end-August

KUALA LUMPUR, Aug 8 (Bernama) -- The government and Khazanah Nasional Bhd are in the final stages of completing a holistic restructuring plan for Malaysian Airline System Bhd (MAS) and a detailed plan will be announced by end-August, said Prime Minister Datuk Seri Najib Tun Razak.

The government, through its strategic investment fund, Khazanah Nasional Bhd, today announced a formal process to take full ownership and de-list the airline from Bursa Malaysia.

"This is the first step needed to return our national carrier to profitability. It is a step I wholeheartedly support.

"MAS is part of Malaysia's history. It is a symbol of national pride, of our ambitions and our place in the world. So today we are making changes to ensure it is also part of Malaysia's future story," he said in a statement here Friday, in response to the proposed de-listing of MAS.

He believed that the national carrier must be renewed to create a genuinely strong and sustainable national carrier.

"This process of renewal will involve painful steps and sacrifices from all parties.

"My instruction and my commitment to all concerned is that the process will be carried out professionally, with proper principles of fairness, transparency and compassion," he said.

Najib also touched on the recent losses of MH370 and MH17, saying that seldom before has a company been subjected to two profound and extraordinary tragedies in such a short space of time.

He hoped that these twin tragedies would change the way the aviation industry operates, making global travel safer for all.