Khazanah asks banks for MAS restructuring proposals

Kuala Lumpur

Malaysian Airline System's majority owner, sovereign fund Khazanah Nasional, has invited investment banks to pitch for a role overseeing the airline's restructuring, people familiar with the matter said.

Khazanah has asked select banks to submit proposals by tomorrow, they said, asking not to be identified as the matter is private. The fund, which controls 69.4 per cent of Malaysia Airlines, has offered to buy the shares it doesn't already own for RM1.38 billion (S$536 million) and delist the company by the end of the year.