The publicly-listed troubled Malaysian Airline will go private after Malaysia's state investment fund takes over the national carrier for MYR 1.5 billion (US$ 435.73 million) as part of the efforts to overhaul the company.

The Malaysian Airline System (MAS), which is listed in the Malaysian bourse, said it will go private after Khazanah Nasional, the country's state investment fund, completes the purchase of all the shares it does not currently own.

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That means Khazanah Nasional, which has invested more than US$ 1 billion into the troubled national carrier in recent years, is in the process of buying out shares from minority stakeholders at 27 sen a share.

Khazanah is a majority stakeholder, owning 69.37 percent of MAS.

The move was part of the anticipated action by the Malaysian government as the airline suffered huge financial losses after losing two airplanes within a period of less than a year.

The first plane, Flight MH370, disappeared on March 8 with 239 passengers. The plane remains missing as of this time despite efforts by the international community to locate the jet.

On July 17, another MAS plane, Flight MH17, exploded with 298 people on board after it was shot down over Ukraine.

When the take over is complete, Khazanah said it will "completely overhaul" the airline but did not give specific details on how to do it. Sources said the overhaul could include changing the name of the airline.

Khazanah, however, appealed to all parties to cooperate in the restructuring of the airline.

"Nothing less will be required in order to revive our national airline to be profitable as a commercial entity, and to service its function as a critical national development entity," it said in a statement.

Details of the planned restructuring are expected to be announced by the end of this month by Khazanah, which is chaired by Malaysian Prime Minister Najib Razak.

TagsMalaysian Airlines, Khazanah Nasional