Khazanah has asked select banks to submit proposals by tomorrow, the people said, asking not to be identified as the matter is private. The fund, which controls 69.4 percent of Malaysia Airlines, has offered to buy the shares it doesn’t already own for 1.38 billion ringgit ($422 million) and delist the company by the end of the year.
The state-owned fund aims to set up a new entity to take over Malaysia Airlines’ operations and then relist the company in an initial public offering within three to five years, it said Aug. 29. The investment bank picked to manage the restructuring will be in a strong position to also win a role on the IPO, one of the people said.
Raslan Sharif, a Kuala Lumpur-based spokesman for Khazanah, declined to comment when reached by phone.
To contact the reporters on this story: Elffie Chew in Kuala Lumpur at firstname.lastname@example.org; Joyce Koh in Singapore at email@example.com
To contact the editors responsible for this story: James Regan at firstname.lastname@example.org; Philip Lagerkranser at email@example.com Ben Scent, Philip Lagerkranser.