KUALA LUMPUR (Reuters) - Shares of Malaysian Airline System (MAS) MASM.KL rose as much as 4 percent on Tuesday after state fund Khazanah Nasional [KHAZA.UL] unveiled a restructuring plan that will cost 6 billion ringgit and cut 30 percent of the airline’s workforce.
MAS shares were trading at 25.5 each at 0103 GMT, 2 percent higher than the 25 sen when the stock was suspended on Friday.
The restructuring plan by Khazanah, which owns 69.37 percent of MAS, follows a difficult period for the airline since the disappearance of Flight MH370 on March 8. The loss-making company’s problems deepened on July 17 when its Flight MH17 was shot down over Ukraine, killing all 298 people on board.
On Thursday, MAS said its second-quarter net loss widened to 307 million ringgit from 176 million ringgit a year earlier, though the result was an improvement from the net loss of 443 million ringgit in the first quarter.
Reporting by Yantoultra Ngui; Editing by Stephen Coates