The Traderszone Network

Published in TZ Latest News 28 August, 2014 by The TZ Newswire Staff

Malaysia Airlines to cut 6,000 jobs, spend $1.9 billion on restructuring: Khazanah

Malaysia Airlines (MASM.KL) will cut 30 percent of its workforce as part of a restructuring that will cost 6 billion ringgit ($1.90 billion), majority investor Khazanah Nasional [KHAZA.UL] said on Friday. Khazanah said the carrier will trim its staff by 6,000 to 14,000 as it seeks to stem long-running losses worsened by two aircraft disasters this year. The state fund said the airline will be de-listed from the Kuala Lumpur exchange by the end of 2014, adding that Ahmad Jauhari Yahya will stay on as chief executive until July 2015.

read more