• BREAKING NEWS Track the rain with Live Doppler 7 HD radar

Share Trading in Malaysia Airlines Suspended

Trading in shares of Malaysia Airlines was suspended Friday ahead of an announcement by the carrier, which is reeling financially after being hit by two passenger jet tragedies this year.

A notice posted on the Kuala Lumpur stock exchange said the airline, Malaysia's state-owned flag carrier, had requested the suspension as of 9 a.m. Friday "pending a material announcement."

There was no immediate word on what the announcement would be, or how long the trading suspension would last. Aviation industry analysts have said the struggling airline needs new investors and a substantial overhaul of its business.

On top of its long-standing financial woes, the airline has been hit by two major disasters this year.

In March, Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board after flying far of course. The plane has still not been found, with a search in the southern Indian Ocean underway.

In July, 298 people were killed when Flight 17 was shot down over Ukraine. It was heading to Kuala Lumpur from Amsterdam and was shot out of the sky over an area of eastern Ukraine controlled by pro-Russian separatist rebels.

Before the disasters the carrier's financial performance was among the worst in the industry, putting a question mark over its future even before its brand was tied to two almost unfathomable tragedies.

Some analysts last month said the airline would not survive a year without a substantial cash injection from the Malaysian government.

The airline's majority shareholder is Malaysia state investment company Khazana.

Related Topics:
news abc news national
(Copyright ©2014 ABC News Internet Ventures.)
Load Comments