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Malaysia Airlines buyout offer gets the nod

Kuala Lumpur - The minority shareholders of Malaysia Airlines on Thursday voted to accept a 1.4bn ringgit ($420m) buyout offer from majority owner Khazanah Nasional Berhad.

State sovereign fund Khazanah will get full control to execute its 6bn ringgit recovery plan for the beleaguered company.

Malaysia Airlines in a filing to the stock exchange said the resolution for the buyout at 0.27 ringgit per share was passed at an extraordinary general meeting.

Khazanah, which owns 69% of the company, welcomed the decision, which is the first step in its ambitious plan to return Malaysia Airlines to profitability by end 2017.

For the first six months of 2014, the national carrier posted a total net loss of 750m ringgit, 65% more than the previous corresponding period in 2013.

Last year, it recorded a net loss of 1.17bn ringgit.

Malaysia Airlines is reeling from twin disasters in Ukraine and over the Indian Ocean.

On March 8, it's Beijing-bound flight MH370 disappeared without a trace after it took off from Kuala Lumpur.

On July 17, flight MH17 travelling to Kuala Lumpur from Amsterdam went down in eastern Ukraine.

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