Malaysian Airline System Bhd (MAS) suspended its shares on Bursa Malaysia today following a resuscitation plan for the ailing national carrier.

MAS announced trading would be suspended from today, three clear days prior to the entitlement date for its selective capital reduction and repayment exercise (SCR).

“Under the SCR, ordinary shareholders of MAS, other than Khazanah Nasional Bhd, whose names appear on the company s record of depositors as at 5pm on Dec 19, shall be entitled to receive a cash amount of 27 sen for each MAS share,” the national airline said in a filing to the local bourse on Dec 4.

MAS said the capital repayment was expected to be made within 10 days from the entitlement date.

The stock would cease trading until the completion of the SCR and the subsequent delisting of MAS from the official list of Bursa Malaysia, it said.

MAS shares were last traded on Friday, Dec 12, ending half-a-sen lower at 26.5 sen with 70.914 million shares transacted.

Khazanah Nasional, an investment holding arm of the government and the single largest shareholder in MAS, is taking over the helm of the company with the aim of reviving the national carrier under a corporate exercise including privatisating it and setting up a new entity called Malaysia Airlines Bhd (MAS NewCo).

Khazanah has also appointed Christoph R Mueller as the chief executive officer-designate of MAS NewCo effective Jan 1, 2015.

- Bernama