06 Aug '11, 9am

MAS, AirAsia in share swap to rescue ailing flag carrier

KUALA LUMPUR - State-owned Malaysia Airlines (MAS) will swap shares with Asia's largest budget carrier AirAsia this week in a deal that will see Tan Sri Tony Fernandes help stop the ailing flag carrier from plunging any further into red ink, said industry sources. The Malaysian Insider understands that the share swap, that could see Mr Fernandes getting a 20 per cent stake in the national carrier, will allow both Malaysian carriers to rationalise their fleet, frequencies and destinations within the country and abroad while ensuring MAS returns to becoming a premier airline. "The deal is on and it should be signed Monday at the earliest," a source told The Malaysian Insider. AirAsia's main shareholders Tune Air Sdn Bhd, owned by Mr Fernandes and Datuk Kamarudin Meranun, is expected to benefit most from the share swap with MAS as it hold 26.28 per cent of the budget carrier ...

Full article: http://www.todayonline.com/World/EDC110806-0000471/MAS,-A...

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